Australian Bitcoin sentiment soars following US spot BTC ETF approval

21 Feb 2024

Retail interest in Bitcoin has jumped in Australia since spot Bitcoin exchange-traded funds (ETFs) were approved in the US last month.

The findings from a new survey show Bitcoin sentiment in the country has risen by 25% following the approval by the US Securities and Exchange Commission, whilst adoption rates have also increased so far in 2024.

This is according to the fifth annual Independent Reserve Cryptocurrency Index, which surveyed 2,100 adults, published on Wednesday.

The boost in positive sentiment was tilted towards the over-55s, where favourability towards the world’s largest crypto by market cap skyrocketed by 100%, Cointelegraph reports.

“Sentiment has demonstrably shifted,” said Independent Reserve CEO, Adrian Przelozny, going on to add that “we’ve entered a phase of renewed optimism and growth.”

In addition, the survey showed that 19% of respondents would invest in an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF should one be available. The most enthusiasm was shown by respondents between the ages of 25 to 34 and 35 to 44, with a respective 29% and 30%.

Furthermore, around a third of those polled stated they would likely invest in Bitcoin over the long term through a self-managed retirement fund. That said, these respondents were divided on their preferred access to BTC, whether by a crypto exchange or ETF.

Crypto ownership increased overall by 1.9% to 27.5% between 2022 and 2024, with the largest shift from those aged between 55 and 64 and 65 and over, with increases of 128% and 200%, respectively, the Cointelegraph report adds.

Concerning these latest findings, an Independent Reserve spokesperson stated that more robust regulation, increased adoption by businesses and an ASX-listed spot Bitcoin ETF could help to fuel further positive sentiment.

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