What the numbers say: A recent investor survey conducted with 5,519 Aussie adults by the Australian Securities Exchange (ASX) has revealed the breakdown of crypto investors in the country. 15% of survey participants reported crypto holdings. The poll results also showed that wealth accumulators aged between 25 and 49 currently make up the majority of the crypto investors in Australia, with a 69% rate. Pre-retirees aged 50 to 64 have become the second prominent group with 15%, while the next generation aged 18 to 24 got a 13% share of the cake. Retirees over 65 have become the investor group with the least crypto investment. Details: The poll also pointed out that wealth accumulators averagely invest $7,200 in cryptocurrencies, accounting for 7% of their total portfolio. In the median amount, wealth accumulators were respectively followed by pre-retirees, next generation, and retirees. Relevance: Over the last months, the Australian crypto market hit the headlines with restrictions from conventional financial companies, contrary to the traditional finance (TradFi) influx to the crypto industry in other parts of the world, including the U.S. and Europe. In May, Australian bank Westpac blocked its clients from making payments to some crypto exchanges to reduce losses from scams. Earlier in June, Australia's largest bank, Commonwealth Bank of Australia (CBA), also banned some payments to certain crypto exchanges as part of its new anti-scam policies. Similarly, Aussie payments provider Cuscal recently started imposing new banking restrictions on crypto exchanges in Australia through its partner Zepto. Brands that should care: The restrictions impacted many crypto exchanges, including Binance, due to their partnerships with these firms as an intermediary institution. Most recently, Binance, the world's largest crypto exchange by trading volume, had to suspend Australian dollar (AUD) deposits and withdrawals through bank transfer, citing that the local partners stopped supporting the exchange. The platform had worked with both Westpac and Zepto in Australia. |
