According to a survey conducted in 2022, around 25.6 percent of the respondents in Australia owned some cryptocurrency. The figure was a decrease from 28.8 percent in the previous year, however an overall increase since 2019.
1. 4.6 million Australians own cryptocurrency. With 17.7% of Australians reporting that they own at least one cryptocurrency, an astonishing 4.6 million Aussies now own cryptocurrency. And now that regulations in Australia are becoming more welcoming of cryptocurrency, that figure looks set to rise much further.
According to a report by The Independent Reserve Cryptocurrency Index (IRCI), 28.8% of Australians own or have owned cryptocurrencies as of December 2021.
Australia has emerged as the leading country in cryptocurrency adoption in 2023, surpassing the United States. The adoption rate of crypto among Australians has more than doubled since 2020, reaching 18% in 2023. There has also been a 196% rise in monthly searches for cryptocurrency per 100,000 Australians since 2020.
Bitcoin (BTC) and other cryptocurrencies are legal in Australia and are treated as property. It is legal to trade, spend, receive and store cryptocurrency, and they are an accepted means of payment for personal and business transactions, although merchants are not obliged to accept it.
Cryptocurrency is still considered an asset (like shares or property) in most cases rather than as currency and it is taxed accordingly, using the Australian capital gains tax system.
There is no way to legally evade your cryptocurrency taxes in Australia. Remember, Australian exchanges are required to share customer information with the ATO. In the past, the ATO has used this information to send warning letters to thousands of Australian crypto investors.
At a Glance: Nearly 94% of cryptocurrency buyers are in the age range of 18-40, with Gen Z (18-24) and Millennials (25-40) making up the majority. Gen X (41-56) and Boomers (57+) account for only a small percentage. Interestingly, although younger buyers outnumber older ones, Gen X buyers spend the most on average.
CoinSpot Exchange
CoinSpot is Australia's largest crypto exchange, packed with features, and a massive range of 370+ coins. They state that they are the most secure crypto platform in Australia, so we decided to do some research to either back up or debunk this claim.
Bybit is the #1 cryptocurrency exchange in Australia since it ticks off every box on a crypto trader's checklist. It has more than $10 billion daily trading volume, ZERO fees for Spot Trading, and extremely competitive fees for Derivatives Trading (0.01% for makers and 0.06% for takers).
Many 2021 surveys suggest at least 16% of Americans traded crypto. Plus, the U.S. was the only industrialized country in the top 10 of Chainalysis' 2022 Global Crypto Adoption Index. However, when analyzing the most crypto users by country per capita, Thailand appears to have the highest number of crypto holders.
As of 2023, we estimated global crypto ownership rates at an average of 4.2%, with over 420 million crypto users worldwide.
All cryptocurrencies combined accounted for about 7% of the world's money.
The creator of Bitcoin under the alias Satoshi Nakamoto is thought to be the largest Bitcoin holder. The Winklevoss twins, institutional investors like MicroStrategy, and governments like the United States and China are just a few examples of other well-known Bitcoin millionaires.
There are approximately 200,000 Bitcoin transactions daily as of November 2022. There are about 45 million American crypto users and 420 million global crypto users as of 2023. 16% of Americans state that they have used, invested in, or traded a cryptocurrency.
Aussie traders searching for a top Australian exchange may choose CoinSpot, a Melbourne-based exchange founded in 2013. Hailed by many as the most secure crypto app in the country, CoinSpot has earned a reputation for providing a safe crypto trading environment and supportive customer care.
Despite some drawbacks, such as limited advanced trading features and higher fees on instant transactions, CoinSpot remains a reliable and secure platform.
There are no concerns with safety when buying Bitcoin with eToro. It's one of the few crypto brokers that's authorized and regulated by ASIC, which makes it the safest option in Australia. eToro has a great reputation globally, with more than 30 million people using the platform to trade.
About 70 percent of cryptocurrency owners are men, but they represent only 48 percent of the general population, according to a report by Morning Consult. Women comprise 30 percent of crypto owners but 52 percent of the general population.
Most crypto users made their first transactions during spikes in crypto-asset prices. Usage of crypto is broader and deeper for men, Asian individuals, and younger individuals with higher incomes.
Some 24% of Asian adults and 21% of Black or Hispanic adults say they have ever invested in or used a cryptocurrency, compared with 14% of White adults. About one-in-five adults with upper (22%) or middle (19%) incomes have ever invested in, traded or used cryptocurrency, compared with 13% of those with lower incomes.
Yes, the ATO tracks crypto. Your data is likely already on file with the ATO if you've got an account with an Australian cryptocurrency designated service provider (DSP).
The ATO can track money trails back to taxpayers through data from banks, financial institutions and crypto asset online exchanges. “We are able to match this data to individuals transacting in crypto assets, so don't forget to include gains and losses in your tax return” Mr Loh said.
The short answer is, the ATO already know when you're trading cryptocurrency. The ATO has developed a data matching program with cryptocurrency exchanges to ensure no cryptocurrency transaction sneaks through the cracks.