Fun

Australia’s Bitcoin sentiment jumps after US spot Bitcoin ETF approvals

News Feed - 2024-02-21 10:02:08

Brayden Lindrea2 hours agoAustralia’s Bitcoin sentiment jumps after US spot Bitcoin ETF approvalsThe rise in positive sentiment was skewed heavily by those aged 55 and above, where Bitcoin sentiment increased by 100%.860 Total views5 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAustralian retail interest in Bitcoin (BTC) has increased following last month’s approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, according to a recent survey.


Bitcoin sentiment in Australia was boosted by 25% following the approval, while adoption rates also marginally increased in 2024 — though further adoption was held back by uncertain economic conditions, according to a survey of 2,100 adults in the fifth annual Independent Reserve Cryptocurrency Index, published on Feb. 21.


The rise in positive sentiment was skewed heavily by those aged 55 and above, where favorability towards Bitcoin increased by 100%.Change in sentiment of Bitcoin before and after spot Bitcoin ETF approval in the United States. Source: Independent Reserve


“Sentiment has demonstrably shifted,” Independent Reserve CEO Adrian Przelozny said of the findings, adding that “we’ve entered a phase of renewed optimism and growth.”


The survey found that 19% of respondents would invest in an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF if one were available now. Respondents aged 25 to 34 and 35 to 44 were most enthusiastic, at 29% and 30%, respectively.Percentage of surveyed Australians that would invest in an ASX-listed spot Bitcoin ETF by age. Source: Independent Reserve


Around a third of respondents said they were likely to invest in Bitcoin over the long term via a self-managed retirement fund. However, these respondents were split on whether they would prefer to access Bitcoin via a crypto exchange or ETF.


Overall crypto ownership increased by 1.9% to 27.5% between 2022 and 2024, though Independent Reserve noted the biggest shift came from those aged 55-64 and 65 and above, which recorded respective increases of 128% and 200%.Percentage of surveyed Australians that own crypto by age. Source: Independent Reserve


Related:Aussie crypto exchange hints interest in Hong Kong baseA


Reflecting on the figures, an Independent Reserve spokesperson told Cointelegraph that stronger regulation, an ASX-list spot Bitcoin ETF and increased adoption by businesses could help drive further positive sentiment.


While ownership increased and sentiment strengthened, not everything is looking bullish.


The report said price volatility, a lack of consumer protection and confusion continue to plague new entrants from investing in crypto.


On the other hand, 18% of respondents who don’t invest in crypto said they wanted to but decided against it due to uncertain economic conditions.


Similarly, 18% of crypto investors said they’re considering parting ways with their crypto to cope with the increased cost of living and rising interest rates.


Magazine:Best and worst countries for crypto taxes — Plus crypto tax tips# Bitcoin# Cryptocurrencies# Business# Australia# Bitcoin Price# ETF# Adoption# United States# RetirementAdd reactionAdd reactionRead more

News Feed

Dogecoin Open Interest Climbs To $4 Billion Again After Market Rebound
Este artículo también está disponible en español. The crypto market is back up againafter a recent decline like clockwork, and prices are starting to push up once more. I
Poles Hit With Backdated Tax on Crypto Trades
Poles Hit With Backdated Tax on Crypto Trades Crypto traders in Poland have been unpleasantly surprised with a controversial tax they thought they wouldn’t have to pay. The
Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions, Medvedev Says
Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions, Medvedev Says Authorities in Russia may begin to seize funds of foreign nationals and companies that a
Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 to Start the Week
Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 to Start the Week Following a volatile weekend of trading, cryptocurrency prices consolidated to start the week, with BTC cl
Biggest Movers: XRP Surges to Strongest Point Since November
Biggest Movers: XRP Surges to Strongest Point Since November Xrp moved to its highest point since November, as markets reacted to news suggesting a verdict could be near in Ripple&
Argentine Startup Action Point Develops White Label Solution to Include Crypto in Traditional ATMs
Argentine Startup Action Point Develops White Label Solution to Include Crypto in Traditional ATMs Action Point, an Argentine startup, has developed a white-label solution that all
Genesis purchases $2.1B of Bitcoin following GBTC sell-off
Ciaran Lyons5 hours agoGenesis purchases $2.1B of Bitcoin following GBTC sell-offThe significant Bitcoin purchase comes after Coinbase declared that the majority of the proceeds from the GBTC sell-off would “remain wit
Logan Paul denies CryptoZoo scam, Munchables boosts security: Nifty Newsletter
Ezra Reguerra5 hours agoLogan Paul denies CryptoZoo scam, Munchables boosts security: Nifty NewsletterNFT game Munchables is reworking its multisig and restructuring its team after a hacking incident costing millions of
Turner Wright3 hours agoOne less crypto-friendly candidate — Miami mayor ends US presidential runAlong with longshot Democratic hopeful Robert F. Kennedy Jr., Francis Suarez was one of the few openly crypto-friendly ca
World-Leading Cloud-Mining Service Provider BitFuFu Launches ANTMINER Coupons Trading Function
World-Leading Cloud-Mining Service Provider BitFuFu Launches ANTMINER Coupons Trading Function press release PRESS RELEASE. On 21st February, BitFuFu will announce the launch of the
Marcel Pechman7 hours agoBitcoin investor sentiment slumps to a new low, even as macro and equities show improvementThree key Bitcoin price indicators explain why the BTC price continues to fall toward new lows.1964 Tota
Turner Wright6 hours agoOpening arguments begin in Sam Bankman-Fried trial“His girlfriend will tell you how they stole money together,” said Assistant U.S. Attorney Thane Rehn in an opening statement about the former