Approval of US Spot Bitcoin ETF Boosts Sentiment Towards Bitcoin in Australia

Interest in Bitcoin among Australian retail investors has been on the rise since the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States in January, according to a recent survey. The survey, conducted by Independent Reserve, found that Bitcoin sentiment in Australia increased by 25% following the approval, and adoption rates also saw a slight increase in 2024. However, uncertain economic conditions have hindered further adoption. The survey, which included 2,100 adults, revealed that sentiment towards Bitcoin among those aged 55 and above increased by 100%. Independent Reserve CEO Adrian Przelozny noted that there has been a “shift in sentiment” and a “phase of renewed optimism and growth.” The survey also found that 19% of respondents would invest in an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF if one were available, with respondents aged 25 to 34 and 35 to 44 showing the most enthusiasm at 29% and 30% respectively. Additionally, around a third of respondents said they were likely to invest in Bitcoin over the long term through a self-managed retirement fund, though they were split on whether they would prefer to access Bitcoin through a crypto exchange or ETF. Overall crypto ownership in Australia increased by 1.9% to 27.5% between 2022 and 2024, with the largest increases observed among those aged 55 to 64 and 65 and above, recording increases of 128% and 200% respectively. The report highlighted that stronger regulation, an ASX-listed spot Bitcoin ETF, and increased adoption by businesses could further drive positive sentiment. However, the report also noted that price volatility, lack of consumer protection, and confusion continue to deter new investors from entering the crypto market. Additionally, uncertain economic conditions have caused 18% of respondents who do not invest in crypto to hold back, while the same percentage of crypto investors are considering selling their crypto assets to cope with the rising cost of living and interest rates.