Bitcoin adoption has always been the subject of rigorous debates in many countries today.
With financial powerhouses such as the U.S. and China still taking a hard stance against cryptocurrencies, it remains to be seen if the adoption of crypto by different nations will reach its peak in the near future.
After all, the respective governments of the above-mentioned countries continue to associate digital assets like Bitcoin with illicit affairs.
But this does not necessarily mean that other countries will follow suit. In fact, there are nations that are slowly making the necessary steps to properly adopt crypto into their financial system.
Australia, for example, is already turning heads in crypto space after it recently catapulted itself to be among the top nations as far as crypto adoption is concerned.
Australia Moving Up In the Rankings
A September 2022 report from Finder puts Australia in 4th place among 26 nations that were surveyed about crypto adoption.
The country’s cryptocurrency ownership rate stood at 23%, just few points below 1st-placer India which boasted a rate of 29%.
Bitcoin, Ethereum, Dogecoin and Cardano were the popular cryptocurrencies held by people Down Under.
Source: Finder's Cryptocurrency Adoption Index
The report shows 14% of the 272, 257 surveyed people in the country owned Bitcoin. Meanwhile, 10% of the survey participants revealed owning Ethereum.
Dogecoin and Cardano barely made the cut, garnering 5% and 4% respectively.
Is Australia A Bitcoin Country?
The global average of Bitcoin ownership is 36%. Australia’s is way above that with its 60% average. It’s probably safe to say it is a Bitcoin country.
After all, it is just normal for those investing in this kind of asset to go for the top of the class.
Moreover, the survey also found out that men in Australia are more likely to own crypto as compared to women.
Source: Finder's Cryptocurrency Adoption Index
Among those surveyed owners of digital currencies, 62% were men and only 38% were women. Australia is not that far from the U.S. where 74% of crypto owners are men.
There are about 4.6 million Aussies who own cryptocurrencies. They are relatively young, as shown in the survey.
Based on the Finder’s findings, 57% of crypto owners are of ages between 18 and 34.
Meanwhile, the study also found out that Aussies who are 55 years old and above are less likely to own any digital currency.
BTC total market cap at $361 billion on the daily chart | Source: TradingView.com
Featured image from Envato Elements, Chart: TradingView.com