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Cryptocurrency is a digital currency that has become a lucrative investment market in recent years. The value of some of these virtual currencies, of which there are thousands globally, ranges vastly and can be a couple of cents to tens of thousands of U.S. dollars. A form of digital payment, it uses an online ledger with cryptography to secure online transactions. The technology used is called blockchain, a decentralized system that manages and records transactions across many computers, recording the transaction in a ledger that all users have access to. While this does not make it immune to hacking, this characteristic makes blockchain technology more secure than other digital payment methods.Cryptocurrency can be used to purchase goods and services or traded on cryptocurrency exchanges. The latter of these uses is responsible for most of the interest in cryptocurrency, with investors looking to make large profits by trading. Globally, the biggest cryptocurrencies based on market capitalization include Bitcoin, Ethereum, and Tether.
The Australian cryptocurrency consumer
In Australia, almost 1 in 4 adults own some type of cryptocurrency. The market has developed rapidly, reflected in increasing trading volumes on exchanges as well as a significant spike in the daily active users of cryptocurrency wallet apps. The share of men who own cryptocurrency is more than double the share of women, and ownership is more common among younger generations. The type of bitcoin owned is comparable with global trends, with Bitcoin accounting for the largest share. Despite an uptake in cryptocurrency trading, the number of businesses in Australia that either have a cryptocurrency ATM or offer crypto as an in-store payment method is still relatively low across all industries.
Cryptocurrency regulation and challenges in Australia
While cryptocurrency trading is legal in the country, it is not regulated by the Australian government, and cryptocurrency itself is not yet legal tender. The lack of regulation as well as market volatility are seen as a few of many challenges in investing in cryptocurrency in Australia. While unregulated, there is some policy in place around the crypto market. Cryptocurrency is considered property under the law in Australia, which means it is subject to capital gains tax for consumers and treated as trading stock for businesses. Cryptocurrencies have also been included in the country’s anti-money laundering framework, meaning exchanges need to register with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Despite its controversial nature and high volatility, cryptocurrency remains a popular investment product in Australia and globally for those willing to accept the risk.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Apr 4, 2024
Key insights
- Share of people who own cryptocurrency in Australia
- 25.6%
Detailed statistics
Cryptocurrency ownership in Australia 2019-2022
- Leading cryptocurrency owned in Australia
- Bitcoin
Detailed statistics
Cryptocurrency ownership in Australia 2022, by type
- Leading reason to invest in cryptocurrency in Australia
- Portfolio diversification
Detailed statistics
Most common reasons to invest in cryptocurrency in Australia 2021
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Editor’s Picks Current statistics on this topic
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Overview
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Number of cryptocurrencies worldwide from 2013 to August 2024
- Premium Statistic The 100 most traded cryptocurrencies in the last 24 hours on August 5, 2024
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Biggest cryptocurrencies in the world based on 24h trading volume on August 5, 2024 (in billion U.S. dollars)
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Maximum and current supply of 100 cryptocurrencies with the highest market cap as of August 5, 2024 (in millions)
- Basic Statistic Top 100 crypto exchanges in the world based on 24h trade volume on August 21, 2024
Top 100 crypto exchanges in the world based on 24h trade volume on August 21, 2024
Largest cryptocurrency exchanges based on 24h trade volume in the world on August 21, 2024 (in billion U.S. dollars)
- Premium Statistic Annual cryptocurrency adoption in 56 different countries worldwide 2019-2024
Annual cryptocurrency adoption in 56 different countries worldwide 2019-2024
Share of respondents who indicated they either owned or used cryptocurrencies in 56 countries and territories worldwide from 2019 to 2024
- Premium Statistic Gender breakdown of cryptocurrency owners APAC 2022, by country
Gender breakdown of cryptocurrency owners APAC 2022, by country
Gender breakdown of cryptocurrency owners in the Asia-Pacific region in 2022, by selected country or territory
Australian consumers
5
- Premium Statistic Cryptocurrency awareness in Australia 2022, by type
- Basic Statistic Cryptocurrency ownership in Australia 2019-2022
- Premium Statistic Consumer sentiment regarding Bitcoin in Australia 2021
- Premium Statistic Long-term expectations of cryptocurrency performance in Australia 2021
- Premium Statistic Factors to consider before investing in cryptocurrencies in Australia 2021
Australian consumers
- Premium Statistic Cryptocurrency awareness in Australia 2022, by type
Cryptocurrency awareness in Australia 2022, by type
Awareness of cryptocurrency in Australia in 2022, by type
- Basic Statistic Cryptocurrency ownership in Australia 2019-2022
Cryptocurrency ownership in Australia 2019-2022
Share of people who own cryptocurrency in Australia from 2019 to 2022
- Premium Statistic Consumer sentiment regarding Bitcoin in Australia 2021
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Consumer sentiment regarding Bitcoin in Australia as of June 2021
- Premium Statistic Long-term expectations of cryptocurrency performance in Australia 2021
Long-term expectations of cryptocurrency performance in Australia 2021
Long-term expectations of cryptocurrency performance in Australia as of June 2021
- Premium Statistic Factors to consider before investing in cryptocurrencies in Australia 2021
Factors to consider before investing in cryptocurrencies in Australia 2021
Leading factors to consider before investing in cryptocurrencies in Australia as of June 2021
Investment
6
- Premium Statistic Financial product purchase intentions in Australia 2022
- Premium Statistic Cryptocurrency ownership in Australia 2022, by type
- Premium Statistic Share of people investing in cryptocurrency in Australia 2022, by type
- Premium Statistic Average portfolio size of crypto investors in Australia in 2021, by gender
- Premium Statistic Average portfolio size of crypto investors in Australia in 2021, by age group
- Premium Statistic Most common reasons to invest in cryptocurrency in Australia 2021
Investment
- Premium Statistic Financial product purchase intentions in Australia 2022
Financial product purchase intentions in Australia 2022
Financial product purchase intentions in Australia in 2022
- Premium Statistic Cryptocurrency ownership in Australia 2022, by type
Cryptocurrency ownership in Australia 2022, by type
Share of cryptocurrencies owned in Australia as of 2022, by type
- Premium Statistic Share of people investing in cryptocurrency in Australia 2022, by type
Share of people investing in cryptocurrency in Australia 2022, by type
Share of people investing in cryptocurrency in Australia as of January 2022, by type
- Premium Statistic Average portfolio size of crypto investors in Australia in 2021, by gender
Average portfolio size of crypto investors in Australia in 2021, by gender
Average portfolio size of cryptocurrency investors in Australia in 2021, by gender (in Australian dollars)
- Premium Statistic Average portfolio size of crypto investors in Australia in 2021, by age group
Average portfolio size of crypto investors in Australia in 2021, by age group
Average portfolio size of cryptocurrency investors in Australia in 2021, by age group (in Australian dollars)
- Premium Statistic Most common reasons to invest in cryptocurrency in Australia 2021
Most common reasons to invest in cryptocurrency in Australia 2021
Leading reasons to invest in cryptocurrency in Australia as of June 2021
Apps and payment facilities
6
- Premium Statistic Leading finance apps downloaded in Australia 2024
- Premium Statistic Use of cryptocurrency trading apps in Australia 2021, by generation
- Premium Statistic Ranking of cryptocurrency wallet apps in Australia 2017-2021
- Premium Statistic Business types that offer cryptocurrency payments in Australia in 2021
- Premium Statistic Cities in Australia with a Bitcoin ATM 2024
- Premium Statistic Companies that accept cryptocurrency in Australia as of March 9, 2021, by city
Apps and payment facilities
- Premium Statistic Leading finance apps downloaded in Australia 2024
Leading finance apps downloaded in Australia 2024
Leading finance apps in Australia as of January 2024, by downloads
- Premium Statistic Use of cryptocurrency trading apps in Australia 2021, by generation
Use of cryptocurrency trading apps in Australia 2021, by generation
Use of cryptocurrency trading apps in Australia as of June 2021, by generation
- Premium Statistic Ranking of cryptocurrency wallet apps in Australia 2017-2021
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Average number of daily active users (DAU) of selected apps that allow for cryptocurrency storage in Australia from January 2017 to February 2021
- Premium Statistic Business types that offer cryptocurrency payments in Australia in 2021
Business types that offer cryptocurrency payments in Australia in 2021
Number of businesses in Australia that either have a cryptocurrency ATM or offer crypto as an in-store payment method as of March 9, 2021, by industry
- Premium Statistic Cities in Australia with a Bitcoin ATM 2024
Cities in Australia with a Bitcoin ATM 2024
Number of Bitcoin ATMs in Australia as of August 2024, by city
- Premium Statistic Companies that accept cryptocurrency in Australia as of March 9, 2021, by city
Companies that accept cryptocurrency in Australia as of March 9, 2021, by city
Businesses in the 10 biggest cities in Australia that either have a cryptocurrency ATM or offer crypto as an in-store payment method as of March 9, 2021
Challenges
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- Premium Statistic Leading challenges to investing in cryptocurrencies in Australia 2021
- Premium Statistic Most common reasons for not investing in cryptocurrency in Australia 2021
- Premium Statistic Annual value of cryptocurrency losses worldwide 2021-2022
- Premium Statistic Reported loss from scams in Australia 2023, by payment method
- Premium Statistic Bitcoin (BTC) energy consumption relative to selected countries worldwide 2023
Challenges
- Premium Statistic Leading challenges to investing in cryptocurrencies in Australia 2021
Leading challenges to investing in cryptocurrencies in Australia 2021
Leading challenges investing in cryptocurrencies in Australia as of June 2021
- Premium Statistic Most common reasons for not investing in cryptocurrency in Australia 2021
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Leading reasons for not investing in cryptocurrency in Australia as of June 2021
- Premium Statistic Annual value of cryptocurrency losses worldwide 2021-2022
Annual value of cryptocurrency losses worldwide 2021-2022
Value of cryptocurrency theft worldwide in 2021 and 2022 (in million U.S. dollars)
- Premium Statistic Reported loss from scams in Australia 2023, by payment method
Reported loss from scams in Australia 2023, by payment method
Reported financial loss from scams in Australia in 2023, by payment method (in million Australian dollars)
- Premium Statistic Bitcoin (BTC) energy consumption relative to selected countries worldwide 2023
Bitcoin (BTC) energy consumption relative to selected countries worldwide 2023
Energy consumption from Bitcoin compared to the total energy consumption in selected countries worldwide as of December 5, 2023
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