bitcoin (BTC) topped the crypto charts in a survey from below. According to 2,000 Australians surveyed by the Independent Reserve Cryptocurrency Index (IRCI), Bitcoin is number one for brand recognition, ownership and overall sentiment.
Bitcoin with the most brand awareness, by far. https://t.co/LqhYPXe3p8
— Stephan Livera (@stephanlivera) November 28, 2022
In the report, while 92% of Australians have heard of cryptocurrencies, Bitcoin enjoys the highest levels of brand awareness. Thus, 90.80% of respondents had heard of Bitcoin.
Stephan Livera, a popular Bitcoin podcaster from Australia, shed some light on the numbers. Livera told Cointelegraph, “Bitcoin continues to gain notoriety because it was the first and because it was truly zero at a time akin to the discovery of fire or the invention of the printing press.”
“Bitcoin also has the strongest community of builders and educators, so it holds its own through market cycles.”
Bitcoin recognition swells in Australia despite price fall into adolescence beginning of November. Over the long term, Australians are optimistic. The report says Australia’s population of nearly 26 million is “committed to longer-term crypto, with overall adoption and long-term confidence in the future of the sector remaining high.”
Indeed, most respondents who own crypto believe that the price of Bitcoin will be above $30,000 by 2030; almost double today’s prices. Even for respondents who do not own crypto and are therefore less biased that their investments will increase in value, 43% of respondents believe the price per BTC will be above $30,000.
Adrian Przelozny, CEO of Independent Reserve, explained: “Despite this volatility, the IRCI 2022 data clearly demonstrates that Australian interest and investment in crypto remains high and continues to gain momentum.”
In the short term, it is the younger demographic that is leaving crypto assets the fastest; rising from 33.3% to 55.7% among 18-24 year olds. Additionally, overall crypto ownership has declined slightly from 28.8% to 25.6% over the past year.
Livera explained the decline: “As to why ‘crypto’ and bitcoin ownership rates are falling in Australia in 2022, I attribute this to the usual cyclical up and down in price action. .”
“Ironically, it is now in the bear market that new speculators learn about the real ethos of Bitcoin and become HODLers and stackers who create the basis for the next cycle.”
However, as Livera alludes to, it is unclear which assets the groups no longer hold. The report groups Bitcoin with other cryptocurrencies, such as Solana (FLOOR) or Ethereum (ETH), on broader issues. For example, he asks: “Will crypto be widely accepted by individuals and businesses”, despite the fact that Ethereum’s promise was not to become a currency but a way to monetize the platform , while Solana is intended to be a home for decentralized applications or DApps.
Although the younger age group is falling in love with crypto, awareness of cryptocurrency among Australians overall has increased slightly to 92% from 91.2% last year. And with 90.8% of respondents familiar with Bitcoin, it continues to be the most popular crypto.
Curiously, awareness of Bitcoin among the over 65s is skyrocketing – to levels of 93.5%, indicating baby boomers are getting ready for Bitcoin.