Bitcoin has topped the crypto charts in Australia as the crypto with the highest brand awareness, with 90% of Australians having heard of it.
Despite crypto winter, Bitcoin reigns supreme in Australian
The Independent Reserve Cryptocurrency Index(IRCI), in a survey of 2000 Australians, reported today, November 28, 2022, that Bitcoin is number one for brand recognition, ownership and overall sentiment. The report states that Australians still have faith in Bitcoin, and even the older demographic is growing in their conviction of the cryptocurrency.
The survey reported that 92% of the youngest age group of Australians have heard of cryptocurrencies, slightly increasing from 91.2% to 92%. While Bitcoin, among these cryptocurrencies, enjoys the highest levels of brand awareness. Accordingly, 90.80% of respondents had heard about Bitcoin.
While for the older population over 65, the awareness of Bitcoin has spiked by 93.5%, showing how much boomers are fastly getting familiar with Bitcoin.
Despite the falling 50% in bitcoin price at the beginning of November, Bitcoins recognition has dominated the Australian world. Australians are reported to be optimistic about the crypto’s potential and are not backing away from it anytime soon. According to a report, Australia’s population of nearly 26 million people is “committed to crypto in the longer term, with overall adoption and long-term confidence in the sector’s future remaining high.”
Why Bitcoin deserves the crown
Stephan Livera, a popular Bitcoin podcaster from Australia, explains why bitcoin deserves the crown using the figures. Livera told Cointelegraph, “Bitcoin continues to grow in brand awareness because it was first and because it was truly the zero to one moment akin to discovering fire inventing the printing press.”
She continued, “Bitcoin also has the strongest community of builders & educators, so it sustains over market cycles.” This is true as most of those surveyed who own crypto believe that Bitcoin will almost double today’s price, surpassing $30,000 by 2030.
Even those surveyed do not own crypto and are therefore less biased that their investments believe the price will increase in value. About 43% believe the BTC price will be over $30,000.
Adrian Przelozny, CEO of Independent Reserve, unravelling this phenomenon, explained: “Despite this volatility, the 2022 IRCI data demonstrates that Australians’ interest and investment in crypto remains high and continues to gain momentum.”
Bitcoin’s reign doesn’t end crypto asset drops
However, the youngest demographics between the 18-24 age group seem to be disenchanted with crypto as they are dropping crypto assets the fastest. The fall goes from 33.3% to 55.7%
While the overall crypto ownership decreased marginally from 28.8% to 25.6% over the past year.
Explaining the drop, Livera stated, “As for why crypto and Bitcoin ownership rates are dropping off in Australia in 2022, I put this down to the usual cyclical waxing and waning of the price action.” She added, “Ironically, it’s now in the bear market that newer speculators learn more about the actual ethos of Bitcoin and become HODLers and stackers who create the base for the next cycle.”
As Livera indicates, it’s unclear which assets the groups are no longer holding and which they are still holding.
