Australians More Likely to Invest in Spot Bitcoin ETFs After U.S. Approval: Study

• 25% of Australians view bitcoin more favorably after the spot bitcoin ETF approval in January.

• The annual report is based on a panel of only 2,100 adult respondents in a country of more than 26 million.

The approval of U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) appears to have had a major positive impact on Australians’ crypto holders, according to a study published Wednesday. However, the optimistic viewpoint continues to be countered by the nation’s economic uncertainty.

The 5th edition of the Independent Reserve Cryptocurrency Index has revealed that 25% of Australians view bitcoin more favorably after the spot bitcoin ETF approval in January.

The annual report is based on a panel of over 2,100 adult respondents from all walks of life, notably a tiny sample size in a country of more than 26 million. Yet, the report provides a significant sense of how the nation views cryptocurrencies. For example, the report reveals that general awareness of cryptocurrency among Australians has reached a new high of 95%, up from 92% in 2022.

This year, the study was conducted ahead of time to assess the impact of the spot-bitcoin ETF approvals on Australians. The study found that 19% of cryptocurrency holders down under would invest in a bitcoin spot ETF were it available on the Australian Securities Exchange (ASX).

While the ASX hasn’t given a timeline for approving an ETF linked to any cryptocurrency, it is widely expected that a spot bitcoin ETF could be available by mid-2024.

The impact of Australia’s ongoing cost of living crisis and general economic uncertainty, the study revealed, has made respondents cagey about investing in crypto. 16.7% (14.2% in 2022) of respondents said they wanted to invest in crypto but were not in a financial position to do so because of the economic crisis.

“18% of crypto investors said they’re thinking of partially selling their crypto portfolio to cope with the increased cost of living and rising interest rates, while another 6% said they were planning to sell their entire crypto portfolio to help with the rising costs,” the study said.