U.S. approvals of spot Bitcoin ETFs boost optimism in Australia


People aged 55 and above saw a 100% spike in favorable opinion about Bitcoin, which biases the overall trend.

Following the US introduction of spot Bitcoin ETFs last month, a new poll found that retail interest in Bitcoin in Australia has grown.

Polling 2,100 adults for the fifth annual Independent Reserve Cryptocurrency Index, released on Feb. 21, the approval boosted Bitcoin sentiment in Australia by 25% and adoption rates by a small margin in 2024. However, uncertain economic conditions prevented further adoption.

People aged 55 and above had the biggest spike in favorable attitudes, with a 100% increase in favorability towards Bitcoin.

How Bitcoin sentiment changed before and after the US government approved a spot Bitcoin ETF. According to the Independent Reserve, “we have entered an era of renewed hope and progress, Independent Reserve CEO Adrian Przelozny said in response to the results, adding that sentiment has indisputably transformed.”

If an ASX-listed spot Bitcoin ETF were available right now, 19% of respondents would put money into it, according to the study. The most enthusiastic age groups were those between 25 and 34 (29% of respondents) and 35 and 44 (30%).

Investors’ age distribution among Australians who would put money into an ASX-listed spot Bitcoin ETF. According to the Independent Reserve, nearly one-third of those who took the survey said they would put money into Bitcoin using a self-managed retirement fund in the future. But these people weren’t unanimous on whether an ETF or cryptocurrency exchange should be their go-to for purchasing Bitcoin.

From 2022–2024, overall crypto ownership rose 1.9% to 27.5%, although the largest change occurred among people aged 55–64 and 65+, with rises of 128% and 200%, respectively, according to the Independent Reserve.

Following a discussion about the numbers, a representative from the Independent Reserve informed Cointelegraph that more stringent regulation, the introduction of an ASX-listed spot Bitcoin ETF, and a rise in corporate usage might all contribute to an even more optimistic outlook.

Not everything is looking upbeat, even though ownership went up and sentiment went up. According to the survey, prospective investors are still scared off by crypto’s price volatility, unclear regulations, and lack of consumer protections.

Conversely, 18% of those who don’t invest in cryptocurrency said they were considering it but ultimately opted against it because of the volatile economy.

In a similar vein, 18% of crypto investors have expressed thoughts of selling their crypto to deal with inflation and interest rate increases.

Also Read: Warren’s cryptocurrency bill is being strongly opposed by the chamber of digital commerce

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