Cryptocurrency Adoption Rates In Australia Surpass UK And USA But Not Nigeria

Finer is an independent information library concerned with the areas of decision making of its readers like banking and customer retail products together with cultural research. And the research was carried out by the research organization, which revealed that one in six Australians are involved in cryptocurrency.

An extra data published by the World Bank and confirmed by other sources like the Census Bureau of the United States revealed that in 2020, the total residents of Australia are numbered 25,687,041 which means the number of Australians holding crypto are roughly 4,281,173.

This means that the total number of Australians having a crypto involvement is more than the total population of Wales in the United Kingdom with the population of 3.135 million, two times the total population of the Canary Islands with the population of 2.207 million and six times the total population of Atlanta Georgia whose residents are 488,000 in number in the United States.

Misunderstandings of Misinformation?

A report from Finder published in August answers some crucial questions like the number of residents trading crypto, the reason the Australians shifted to the crypto space, why some people are still hesitant, including the future of crypto in the country and even globally.

The Finder report, however, includes more exciting facts about the recent status and demography of the knowledge and ownership of crypto in Australia.

For instance, the study revealed that there are more men than women in the crypto space in the country, which is two times. One of the major reasons given by both gender as an obstacle from owing digital assets is the lack of understanding of how to acquire crypto.

On a larger scale, the lack of understanding has been a major obstacle to the adoption of cryptocurrency in the mainstream. Other reasons include the risk attached and volatility. This has made people prefer traditional finance more than the new innovation as it hasn’t fit well into the day-to-day life of the residents.

The major solution this proposed is that crypto proponents should reach out to more skeptics to make the right knowledge available for them. They have to educate them on how the crypto space works and how it can fit into their day-to-day lives.

This can be achieved by creating a simple user experience for crypto apps that facilitate the purchase and trading of cryptocurrencies.

Increase in Adoption on a Global Scale

With the data from Australia, the country is set to be the foremost adopter of crypto among all the English-speaking countries, especially when it is compared to the USA, which only has 14% of its total population involved in crypto.

Data from Statista revealed that as of 2020, based on the percentage population that is involved in crypto, the top three countries with the highest adoption rates are Nigeria, having 31.9%, Vietnam (21.1%), and the Philippines with 19%.

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