• After the approval of the spot bitcoin ETF in January, 25% of Australians now view bitcoin with more favor.
  • The report is based upon a panel of 2,100 adults in a nation of over 26 million.

BTC Price Index and Live Chart – CoinDesk”>(BTC) exchange-traded funds (ETFs) appears to have had a major positive impact on Australians’ crypto holders, according to a study published Wednesday. The nation’s economic insecurity continues to counter the optimism.

After the approval of the spot bitcoin ETF in January, the 5th edition Independent Reserve Cryptocurrency Index revealed that 25 percent of Australians now view bitcoin with more favorability.

The report was based on the responses of 2,100 adults from all walks in life. This is a small sample size for a country with more than 26,000,000 people. The report gives a good idea of the national sentiment towards cryptocurrencies. The report, for example, reveals that Australians are now more aware of cryptocurrency than ever before, with a 95% awareness rate, up from just 92% in 2012.

The study was done in advance to gauge the impact on Australians of the approval of spot-bitcoin ETFs. The study revealed that 19% cryptocurrency holders in Australia would buy a bitcoin ETF if it was available on the Australian Securities Exchange.

The ASX has not given a timeframe for the approval of an ETF that is linked to any cryptocurrency. However, it’s widely believed that a bitcoin spot ETF will be available in mid-2024.

Bitcoin ETFs Around Asia and the U.S. Approvals? Analysts are optimistic about Momentum

According to the study, Australia’s on-going cost of living crisis as well as general uncertainty have made respondents hesitant about investing in cryptocurrency. The study revealed that 16.7% of respondents (14.2% of those in 2022), said they were interested in investing in crypto, but could not afford to due to the economic crisis.

The study found that “18% said they are thinking about selling a portion of their crypto portfolio in order to deal with rising interest rates and the cost of living, while another 6% stated they plan to sell their entire portfolio to cover the rising costs.”

Read more: Australia proposes new licensing regime for crypto exchanges and aims for draft legislation by 2024

Parikshit Miishra is the editor.