While in its inaugural year, the Independent Reserve Cryptocurrency Index (IRCI) aims to examine Australia’s understanding, trust and confidence in cryptocurrency, as well as the propensity for adoption of the currency type.

The IRCI has found that 16.8 per cent of Australians own some cryptocurrency.

Over a third of Millennials (35 per cent) and more than a quarter of Gen Zs (27 per cent) already hold this asset type.

It was reported that Gen Z and Millennial landlords currently make up just 15 per cent of the overall Australian property investment landscape, as high housing prices continue to lock them out of this asset class.

According to Independent Reserve CEO Adrian Przelozny, “Like the property market for the generations before them, younger Australians are seeing cryptocurrency as a method of increasing their overall wealth in the long term.”

He highlighted that “as we see our market continue to mature, we should see the majority of Millennials and Gen Zs owning some cryptocurrency in the next five years, which will truly move us into the mainstream investment category”.

Other findings from the report revealed that one in five Aussies is likely to buy crypto in the next six months, while a quarter of all respondents under the age of 44 are considering using their superannuation to purchase crypto.

Mr Przelozny considers cryptocurrency investors in Australia as “a far broader group than the stereotypical ‘sophisticated crypto investor’ that sits in front of multiple screens tracking price movements every day”.

He went on to say that “their goals are also far removed from the mindset of day traders on the stock market”.

The IRCI has benchmarked Australia’s understanding, trust and confidence in cryptocurrency at 42 points out of a possible 100.

Mr Przelozny called it “a number that indicated optimism and a maturation of the crypto industry”.

While 100 would be full awareness, optimism, trust and adoption, the CEO said zero would be “a society living under a rock, disconnected from the internet”.