The CEO of Swyftx stated that millions of potential Australian crypto investors are waiting for clear market regulations.
Swyftx Survey
Jason Titman, the CEO of Swyftx, told Cointelegraph that his firm predicts between two to six million Australians will enter the crypto market once regulations are settled. A Swyftx survey found nearly a third of respondents would be more likely to buy crypto if it was regulated, while 41% said they didn’t trust crypto without regulation. Of the survey’s 2,229 adult respondents, 20% of those had never owned crypto, while 43% said they don’t know enough about how crypto works.
Current Market Situation
Swyftx estimates from its survey that there are 3.9 million Australians who own crypto, while a further 1.3 million are considering entering the market in the next 12 months. The survey also found crypto usage in Australia has fallen slightly despite Bitcoin rallying to an all-time high of $73,750 in March of 2024.
Expectations and Predictions
The overall number of people who own digital assets also dropped from 23% to 20, but one age bracket, Gen Z, saw an 11% increase in usage. Most investors also reported making a profit over the last 12 months, with an estimated average profit of $9,600. Titman expects crypto adoption will “track sideways” until the country moves on regulations, citing the finite number of investors willing to enter an unregulated market.
The Australian government has pledged to introduce exchange and custody regulations, but firm rules have yet to be established. Currently, cryptocurrencies are treated as property in Australia and are subject to taxation on profits.
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