More than half of Aussies refuse to invest in crypto

By Jon Bragg

March 07 2022
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Resistance to crypto is much stronger in Australia compared to the rest of the world.

A new survey has revealed that 52 per cent of Australians have no intention of ever investing in cryptocurrency and 34 per cent believe crypto is just hype and due for a crash.

The research from consumer insights provider Toluna suggested that resistance to crypto in Australia was much higher than seen worldwide and within the Asia Pacific region.

Just one in ten respondents globally said they would never invest in crypto and only 20 per cent of people in developed APAC countries said that crypto was just hype.

Fear of the associated risk was cited as a key reason for remaining hesitant about crypto investing by 44 per cent of Aussies, while 34 per cent pointed to their overall lack of understanding about crypto.

65 per cent of local respondents said they were aware of crypto, slightly above the global average of 61 per cent.

Meanwhile, 51 per cent of Aussies believed that crypto was an ongoing project with no guarantee of success versus the 45 per cent who shared this view globally.

“The study found that older respondents were more sceptical about crypto and regard it as 'hype,' while younger respondents were more positive about crypto becoming a genuine currency in the long term,” Toluna said.

Globally, 53 per cent of Gen Z respondents (aged 18-24) believed that crypto would become an upward trend over the long term, while 38 per cent of Baby Boomers (aged 57-64) and 22 per cent of Gen X (aged 41-56) viewed crypto as hype that will soon crash.

Millennials (aged 25-40) and those in Gen Z were generally less cautious about crypto and treated it as a form of currency, while Gen X were more likely to treat crypto as an investment.

“The global survey found that developing countries were more receptive and carry a much more positive sentiment towards cryptocurrency than richer, developed countries,” said Toluna.

“This is especially true in APAC and Latin America. The most receptive countries to cryptocurrency were Vietnam, the Philippines, Thailand, and India.”

As a result, 25 per cent of respondents in developing nations saw crypto as a risky investment compared to 42 per cent of those in developed nations.
Individuals in developing countries were also found to be much more likely to invest in crypto (41 per cent) versus those in developed countries (22 per cent).

Additionally, 75 per cent of the investors surveyed from developing nations expected to increase their allocations to crypto investments in the future compared to 57 per cent of developed nation investors.

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