Nearly half of Aussies surveyed said they would “never invest” in the crypto market

By Jesse Coghlan

March 9, 2022 0

A recent survey by consumer insights firm Toluna revealed 44 per cent of Australians surveyed would “never invest” in cryptocurrencies, and that Aussies also have the most bearish sentiment amongst those in the global survey.

The findings also showed that Australia’s neighbours in emerging markets in the Asia-Pacific region (APAC) are the most receptive, bullish, and trusting of crypto, starkly contrasting the attitudes of their more developed counterparts.

The survey from December 2021 included 9,000 people from age groups from 18 and over across 17 countries, 500 Australians were included in the survey, along with 500 each from Thailand, Philippines, Indonesia, Malaysia, and Vietnam.

*44 per cent of Australians responded that they will “never invest” when asked their intention to invest in crypto. Source: Toluna Decoding Crypto Report*

Australian’s appear to be the most risk averse group when it comes to crypto, on average globally, 23 per cent said they trust crypto, but only 11 per cent of the developed APAC region did. Similarly, 51 per cent of respondents in the developed APAC region said crypto was a high risk investment, 18 per cent above the global average of 33 per cent, and 26 per cent said it was “just a hype” and “would crash soon”.

*This “Trust Level” chart shows the difference of opinion between the emerging and developed APAC markets, with emerging markets much more trusting of crypto. Source: Toluna Decoding Crypto Report*

*51 per cent of developed markets in APAC perceive a high risk level, as opposed to only 26 per cent in the emerging markets. Source: Toluna Decoding Crypto Report*

Aussie’s have the most bearish sentiment, with only 16 per cent saying it was a “good time to buy”, whilst emerging markets in APAC have the most bullish sentiment. Source: Toluna Decoding Crypto Report

Age Is Also A Factor

Unsurprisingly, age was also a determining factor in the trust, adoption, and perception of cryptocurrencies, with older respondents being less trusting, using it less, or even not knowing about them at all.

“We found that the older one was, the more sceptical they were about crypto and regard it as a hype”, writes Toluna, “on the contrary, youngers were more positive about crypto staying in the long term”.

The survey showed that 56 per cent of Gen-Z and 55 per cent of Millenials planned to invest in crypto in the next 12 months, comparied to only 21 per cent of Boomers. Source: Toluna Decoding Crypto Report

The study found among the 18-24 age group, 53 per cent believed the crypto market would be in an upward trend for the long term, conversely, 38 per cent of 57-64 year olds said the market would crash soon. Younger people were also more likely to own a crypto asset, at 42 per cent, compared to only 10 per cent for those over 56. Those in emerging markets were more likely to own crypto overall.