A recent research released on Wednesday suggests that Australian cryptocurrency holders have benefited greatly from the approval of U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs). But the country’s economic uncertainties keeps opposing the hopeful attitude.
After the spot bitcoin ETF was approved in January, 25% of Australians, according to the 5th edition of the Independent Reserve Cryptocurrency Index, had a more positive opinion of bitcoin.
With about 2,100 adult respondents from a wide range of backgrounds, the annual report is based on a relatively small sample size in a nation of over 26 million people. Nonetheless, the study gives a clear picture of how the country feels about cryptocurrency. According to the report, Australians’ overall awareness of cryptocurrencies, for instance, has increased to 95% from 92% in 2022, a new high.
This year, an advance research was carried out to evaluate the effects on Australians of the acceptance of spot-bitcoin ETFs. According to the report, if a bitcoin spot ETF were offered on the Australian Securities Exchange (ASX), 19% of Australian cryptocurrency owners would buy it.
It is commonly anticipated that a spot bitcoin ETF may be ready by mid-2024, even though the ASX has not provided a deadline for approving an ETF connected to any cryptocurrency.
According to the survey, respondents are wary of investing in cryptocurrencies due to Australia’s persistent issue in the cost of living and overall economic fluctuations. 16.7% of respondents (compared to 14.2% in 2022) stated that they wished to invest in cryptocurrencies but that the current economic climate prevented them from doing so financially.
“An additional 6% of cryptocurrency investors stated they intended to sell their entire portfolio to help with the rising costs, while 18% of investors said they were considering selling a portion of their portfolio to offset the rising cost of living and interest rates.”