Policy Australians More Likely to Invest in Spot Bitcoin ETFs After U.S.Approval: Study The 5th edition of the Independent Reserve Cryptocurrency Index has revealed that 25% of Australians view Bitcoin more favourably after the spot Bitcoin ETF approval in January.By Amitoj Singh Feb 20, 2024 at 1:00 p.m.UTC Share on Facebook
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25% of Australians view bitcoin more favorably after the spot bitcoin ETF approval in January.
The annual report is based on a panel of only 2,100 adult respondents in a country of more than 26 million.The approval of U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) appears to have had a major positive impact on Australians’ crypto holders, according to a study published Wednesday .
However, the optimistic viewpoint continues to be countered by the nation’s economic uncertainty.
The 5th edition of the Independent Reserve Cryptocurrency Index has revealed that 25% of Australians view bitcoin more favorably after the spot bitcoin ETF approval in January.
The annual report is based on a panel of over 2,100 adult respondents from all walks of life, notably a tiny sample size in a country of more than 26 million.
Yet, the report provides a significant sense of how the nation views cryptocurrencies.For example, the report reveals that general awareness of cryptocurrency among Australians has reached a new high of 95%, up from 92% in 2022.
This year, the study was conducted ahead of time to assess the impact of the spot-bitcoin ETF approvals on Australians.The study found that 19% of cryptocurrency holders down under would invest in a bitcoin spot ETF were it available on the Australian Securities Exchange (ASX).
While the ASX hasn’t given a timeline for approving an ETF linked to any cryptocurrency, it is widely expected that a spot bitcoin ETF could be available by mid-2024.
Read More: Bitcoin ETFs in and Around Asia After U.S.Approvals? Analysts Are Optimistic About Momentum
The impact of Australia’s ongoing cost of living crisis and general economic uncertainty , the study revealed, has made respondents cagey about investing in crypto.16.7% (14.2% in 2022) of respondents said they wanted to invest in crypto but were not in a financial position to do so because of the economic crisis.
“18% of crypto investors said they’re thinking of partially selling their crypto portfolio to cope with the increased cost of living and rising interest rates, while another 6% said they were planning to sell their entire crypto portfolio to help with the rising costs,” the study said.
Read More: Australia Proposes New Licensing Regime for Crypto Exchanges, Aims for Draft Legislation by 2024
Edited by Parikshit Mishra.
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Amitoj Singh Amitoj Singh is a CoinDesk reporter.
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