Australia’s Bitcoin sentiment jumps after US spot Bitcoin ETF approvals

    2024.02.21 | exchangesranking | 120onlookers

    Australian retail interest in Bitcoin (BTC) has increased following last month’s approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, according to a recent survey.

    Bitcoin sentiment in Australia was boosted by 25% following the approval, while adoption rates also marginally increased in 2024 — though further adoption was held back by uncertain economic conditions, according to a survey of 2,100 adults in the fifth annual Independent Reserve Cryptocurrency Index, published on Feb. 21.

    The rise in positive sentiment was skewed heavily by those aged 55 and above, where favorability towards Bitcoin increased by 100%.

    Change in sentiment of Bitcoin before and after spot Bitcoin ETF approval in the United States. Source: Independent Reserve

    “Sentiment has demonstrably shifted,” Independent Reserve CEO Adrian Przelozny said of the findings, adding that “we’ve entered a phase of renewed optimism and growth.”

    The survey found that 19% of respondents would invest in an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF if one were available now. Respondents aged 25 to 34 and 35 to 44 were most enthusiastic, at 29% and 30%, respectively.

    Percentage of surveyed Australians that would invest in an ASX-listed spot Bitcoin ETF by age. Source: Independent Reserve

    Around a third of respondents said they were likely to invest in Bitcoin over the long term via a self-managed retirement fund. However, these respondents were split on whether they would prefer to access Bitcoin via a crypto exchange or ETF.

    Overall crypto ownership increased by 1.9% to 27.5% between 2022 and 2024, though Independent Reserve noted the biggest shift came from those aged 55-64 and 65 and above, which recorded respective increases of 128% and 200%.

    Percentage of surveyed Australians that own crypto by age. Source: Independent Reserve

    Related: Aussie crypto exchange hints interest in Hong Kong baseA

    Reflecting on the figures, an Independent Reserve spokesperson told Cointelegraph that stronger regulation, an ASX-list spot Bitcoin ETF and increased adoption by businesses could help drive further positive sentiment.

    While ownership increased and sentiment strengthened, not everything is looking bullish.

    The report said price volatility, a lack of consumer protection and confusion continue to plague new entrants from investing in crypto.

    On the other hand, 18% of respondents who don’t invest in crypto said they wanted to but decided against it due to uncertain economic conditions.

    Similarly, 18% of crypto investors said they’re considering parting ways with their crypto to cope with the increased cost of living and rising interest rates.

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