A new survey of 2,609 adults across Australia, conducted by crypto exchange Swyftx and market research company YouGov, has revealed the current sentiment around cryptocurrency and how it is being used in Australia.

According to the research, 4.2 million Australians currently own crypto, an increase of 4 percent compared to last year. Seventy-two percent of these individuals reported an average profit of $11,013 on their crypto investments over the past 12 months despite volatile market conditions, and only 5 percent reported losses.

Among the 29 percent of Australians who own or have owned crypto, 38 percent say they hold crypto in their retirement, while 59 percent of crypto-owning parents say they hold digital assets in trust for their children.

Sydney has climbed the ranks of the most crypto-owned city in Australia, with 35 percent of residents owning crypto.

Despite the growth in Australian crypto users, Swyftx reported that Australians who believe crypto is the future of online financial transactions have decreased by 5 percent compared to the previous year.

Interestingly, despite some reservations about crypto, just under a quarter of Australians would like their super fund to include crypto. This number is higher among crypto users at 66 percent.

Crypto users show a high level of financial literacy

The survey also examined the financial literacy of the respondents.

Swyftx reported that nearly two-thirds of crypto-owning Australians have high or very high levels of financial literacy. What’s more, 84 percent of crypto users report having some or good understanding of the digital asset market.

According to Swyftx, the knowledge gap between crypto and non-crypto owners remains but is visibly narrowing.

Looking ahead, a quarter of all Australians intend to buy crypto in the next year.

The findings show that there are still growing adoption rates despite differences in trust. Swyftx also found that 44 percent of full-time working parents are likely to buy crypto in the next 12 months.

A major barrier preventing non-crypto holders from entering the market is the lack of regulation. Namely, 43 percent of Australians who have never held crypto expressed concern about limited crypto regulation.

However, the research showed that crypto adoption is increasingly diversifying across many demographic groups in Australian society. While the typical early adopter of crypto has typically been a millennial male based in a metropolitan city, the standard “investor” continues to expand to reflect different types of Australians.

Swyftx found that consumer confidence, through increased regulation, would need to increase for adoption rates to grow further.