Australian Bitcoin Sentiment Jumps After US Spot Bitcoin ETF Approvals
Australian retail interest in Bitcoin (BTC) increased following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States last month, according to a recent survey.
Bitcoin sentiment in Australia rose 25% following its approval, with adoption rates expected to increase modestly by 2024 – although further adoption has been held back by uncertain economic conditions, according to the fifth annual Independent Reserve Cryptocurrency Index survey of 2,100 adults. On February 21.
The increase in positive sentiment is strongly skewed in people aged 55 and over, favorability of Bitcoin has increased by 100%.
“The mood has changed dramatically,” Adrian Przelozny, CEO of Independent Reserve, said of the findings.
The survey found that 19% of respondents would invest in an existing Bitcoin ETF listed on the Australian Securities Exchange (ASX). 29% and 30% of respondents aged 25 to 34 and 35 to 44 were enthusiastic, respectively.
A third of respondents said they could invest in Bitcoin for the long term through a self-managed pension fund. However, these respondents were divided on whether they would prefer to acquire bitcoins through a crypto exchange or an ETF.
Total crypto ownership increased by 1.9% to 27.5% between 2022 and 2024, although Independent Reserve says the biggest change came from those aged 55-64 and 65 and over, which saw growth of 128% and 200% respectively.
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Reflecting on the numbers, a spokesperson for the independent watchdog told Cointelegraph that stronger regulation, an ASX-listed spot for Bitcoin ETFs and increased adoption by businesses will help create more positive sentiment.
As the sense of belonging increases and the feeling becomes stronger, everything does not seem bully.
The report said price volatility, lack of consumer protection and confusion are keeping newcomers from investing in crypto.
On the other hand, 18% of respondents said they would if they had not invested in crypto but decided against it due to uncertain economic conditions.
Similarly, 18% of crypto investors said they are considering parting with their crypto to cope with rising costs of living and interest rates.
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