Bitcoin (BTC) has topped the crypto charts in a survey from Down Under. According to 2,000 Australians surveyed for the Independent Reserve Cryptocurrency Index, Bitcoin is No. 1 for brand recognition, ownership and overall sentiment.
Bitcoin with the most brand awareness, and by a long shot. https://t.co/LqhYPXe3p8— Stephan Livera (@stephanlivera) November 28, 2022
According to the report, 92% of Australians have heard of cryptocurrencies, and Bitcoin enjoys the best brand awareness, with 90.80% knowing of it.
Stephan Livera, a popular Bitcoin podcaster from Australia, shed light on 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 or inventing the printing press.”
“Bitcoin also has the strongest community of builders and educators, so it sustains over market cycles.”
Bitcoin’s recognition is strong in Australia even as its price fell into the teens at the beginning of November — and over the long term, Australians are bullish. Australia’s population of nearly 26 million is “committed to crypto in the longer term,” the report states, “with overall adoption and long-term confidence in the sector’s future remaining high.”
Indeed, most of those surveyed who own crypto believe that the price of Bitcoin will be above $30,000 by 2030 — almost double today’s price. Even for those who don’t own crypto and are therefore presumably less biased, 43% believe the price per BTC will be over $30,000.
Adrian Przelozny, CEO of Independent Reserve — the Sydney-based crypto exchange that commissioned the report — explained: “Despite this volatility, the 2022 IRCI data clearly demonstrates that Australians’ interest and investment in crypto remains high and continues to gain momentum.”
But in the short term, momentum is falling among the youngest demographic, with ownership dropping to 33.3% from 55.7% among 18-to-24-year-olds over the past year. Overall crypto ownership decreased just marginally, from 28.8% to 25.6%.
Livera explained: “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.”
"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."
However, it's unclear which assets the groups are no longer holding. The report bundles Bitcoin together with other cryptocurrencies, such as Solana (SOL) and Ether (ETH), on broader questions. For example, it asks, "Will crypto be widely accepted by people and businesses?" despite the fact that Ether's promise was not to become a currency but a means of monetizing the platform, while Solana is intended to be a home for decentralized applications.
Despite the youngest age group falling out of love with crypto, overall cryptocurrency awareness among Australians increased slightly, to 92%, up from 91.2% last year. And with 90.8% of respondents familiar with Bitcoin, it continues to be the most popular cryptocurrency.
Curiously, Australians over the age of 65 had the most awareness of Bitcoin, at 93.5%, which indicates that boomers may be warming up to Bitcoin.