Tommy Honan does not know whether investing would be the primary use for cryptocurrencies in five years as prices are unstable. He said this signals that Australians seek a future beyond the crypto winter, highlighting their belief in the fundamentals of crypto assets.
According to a survey by cryptocurrency exchange Swyftx, women earned USD 7,314 while men made USD 7,089 from crypto assets in Australia.
Despite the crypto market winter, 72% of Australian cryptocurrency holders said they made USD 7,152 on average. Although that finding may be surprising, the survey revealed other relevant information.
Over the last year, Australian citizens have become more interested in investing in cryptocurrencies. According to the survey, people have spent 10% more on them while 53% of owners have used them to buy.
People Spend More Money on Australian Cryptocurrencies
According to Tommy Honan from Swyftx, Australians can buy through cryptocurrencies with a MasterCard or Visa card from a crypto asset provider. He believes this led many people to make purchases with them, raising doubt about the idea that they are only speculative assets.
He said the physical and online stores accepting cryptocurrencies as a payment method is relevant to the growth of their spending in Australia. He mentioned that those places included Zumi, Travala, and many small retailers in areas such as cafés and gas stations.
Honan explained that cryptocurrencies offer retailers attractive payment options with lower transaction fees. For example, he pointed out that Bitcoin payments are irreversible transactions, eliminating the risk of people canceling them.
Australian Novices Are Friendlier toward Crypto Assets
Around a million Australians, including Millennials and the Zedder generation, may buy cryptocurrencies for the first time by 2023.
Over the last year, cryptocurrency adoption rates have increased by 4%. Twenty-nine percent of Australians say they own (21%) or have held crypto assets (8%).
Honan said Australians buy cryptocurrencies for various reasons, while most view them as a long-term investment. He considers the average local investor a millennial metropolitan father with children at home knowledgeable about finance.
The expert pointed out they do not know whether investing would be the primary use for cryptocurrencies in five years. He said everyone expects daily prices to stabilize and become more predictable as the market matures.
Honan Considers the Regulation of Cryptocurrencies Is Necessary for Australia
According to Honan, the main obstacle to entering the crypto market is the lack of effective regulation.
The Annual Australia Cryptocurrency Survey report from Swyftx reveals that USD 2 trillion has disappeared from global crypto markets. The ASX share price has dropped by 8% over the last year while the value of houses has fallen.
Honan said this signals that Australians seek a future beyond the crypto winter. He highlighted that they believe in the fundamentals of cryptocurrency and blockchain technology despite a bearish market. That is evident in the high intent to buy crypto assets among those under 50.
The Head of Strategic Partnerships at Swyftx believes the growing use of cryptocurrencies to shop online shows where they will head next. He said there might be far fewer cryptocurrencies and much lower market volatility within the next ten years. Finally, he commented that digital assets and traditional finance might become indistinguishable.
By Alexander Salazar
