The 2022 Independent Reserve's Cryptocurrency Alphabetize (IRCI) survey of more than ii,000 people found that the percentage of Australians surveyed who own or accept owned crypto has reached 28.8%, up from 18.4% in 2022.

The results propose that growth in the sector is being driven by the positive feel of those who own crypto, with 89% of those surveyed saying they have fabricated coin or broken even, up from 78% in 2022.

Independent Reserve CEO Adrian Przelozny told Cointelegraph that these results didn't come equally a surprise to him, due to an surroundings in which it has go "very difficult to get returns on investments."

He stated that "cryptocurrencies have easily outperformed whatsoever other assets over the concluding 12 months," before adding:

"I think it'south quite natural that more and more people get interested in an asset class that's conspicuously outperforming the rest of the market."

In October, Cointelegraph reported that Bitcoin (BTC) is the official best-performing nugget class of 2022.

Przelozny said that he expects the tendency to continue as crypto matures and becomes less volatile. He said that the "biggest ally" of cryptocurrency is that "the longer it'south around, the more accustomed it becomes."

"With time, I think yous'll see volatility and the perceived risk of this investment reduce."

Of those surveyed by the IRCI who don't currently own crypto, 28.six% said they would invest if at that place were better consumer protections in place. Another 26.half-dozen% said they'd buy crypto if industry regulation was improved.

Regulation is needed for connected growth

Przelozny said that "the sector still desperately needs regulation to take hold of up and provide greater security for both investors and cryptocurrency businesses."

"I do think that once regulation comes on board, we'll see a whole new class of investors into this infinite. And I call up that's what we've seen in other jurisdictions, like over in Singapore."

Przelozny told Cointelegraph that he anticipates that older Aussies over 65 will brand upward the side by side big wave of investors as these regulatory issues are addressed.

"They're looking for consumer protections from the government before they're willing to accept the plunge and enter the cryptocurrency market."

Unsurprisingly, the 24- to 34-year-old age group was the most trusting of crypto, with 27.6% saying they bought in to get rich while disbelievers in the arrangement are nearly likely to be found in the over 65 age group.

Related: Australian women owning crypto has doubled in 2022: Survey

According to the IRCI, Bitcoin remains the most well-known and popular cryptocurrency, with 89.1% of Australians surveyed saying they've heard of it and 21.i% actually owning Bitcoin. The second nigh popular crypto asset is Ethereum, at xi% reported ownership, up from merely 5% in 2022.

The IRCI is an almanac cross-sectional survey of more than than 2,000 Australians conducted by PureProfile. Independent Reserve says its sample was reflective of the land's gender, age and geographic distribution.