Aussies embrace Bitcoin ahead of April’s Bitcoin Halving: Independent Reserve Cryptocurrency Index

Aussies embrace Bitcoin ahead of April’s Bitcoin Halving: Independent Reserve Cryptocurrency Index

As Bitcoin continues to hit new highs Australians are flocking to the digital currency, according to Australia’s longest-running and most robust crypto research, the Independent Reserve Cryptocurrency Index (IRCI).

Conducted annually, and now in its fifth year, the IRCI is a national survey providing a benchmark for the awareness, trust and confidence that everyday Australians have in digital currencies. The 2023 survey was postponed to early 2024 to capture the impact of the Bitcoin spot ETF, approved in January 2024.

Bitcoin rallied in March, soaring to record highs of over $100,000. This remarkable rally, fuelled by record daily inflows for the newly-approved spot Bitcoin ETFs and investor anticipation of the upcoming April Bitcoin halving, signals a renewed sense of optimism for the digital asset.

With 93% of Aussies familiar with Bitcoin, it continues to be the most widely known digital asset. Since 2019, Australians’ awareness of Bitcoin has grown from 87% to 93%.

Cynicism around Bitcoin is at all-time lows, with fewer people considering it to be a scam – down from 14% in 2019 to 6% in 2024. 69% of Australians consider Bitcoin to be either money, a store of value or an investment asset, up from 63% in 2022.

The approval of the Bitcoin ETFs has lifted Australians’ perception of Bitcoin, with 25% of Australians saying they view Bitcoin more favourably following the Bitcoin spot ETF approval.

With the current price records and the next Bitcoin halving approaching in April, it’s no wonder Bitcoin remains a favourite among crypto investors, with 63% ownership. More than half (52%) of crypto investors prefer Bitcoin over other digital assets.

Independent Reserve CEO Adrian Przelozny said, “There’s no doubt that when it comes to awareness, ownership and crypto preference, Bitcoin remains the first choice for the majority of Australians.

“There’s a palpable shift in Aussie awareness of, and sentiment towards cryptocurrencies, and this has been driven primarily by Bitcoin and the global Bitcoin spot ETF approvals.

“In 2023, Bitcoin propelled many investors into profitability, solidifying its position as the undisputed digital gold, and with the next Bitcoin halving approaching in April, 2024 promises to be a bullish year.

“With the way things are going currently, we could be in for a supercycle – we’re hitting all-time highs before the bull market traditionally starts in crypto,” Przelozny added.

Australian crypto investors’ sights are firmly set on Bitcoin as the April halving approaches, with 41% planning to double down on Bitcoin this year.