Australia: crypto women to double by 2021

L’Independent Reserve’s Cryptocurrency Index (IRCI) survey of 2021 has revealed general figures for the crypto sector in Australia. Among many, the IRCI states that women owning cryptocurrencies has doubled in 2021 compared to 2020. 

IRCI’s crypto data in Australia

According to the report, in Australia, the percentage of women owning crypto has doubled from 10.1% in 2020 to 20% in 2021, out of a general picture that sees 28.8% of Australians owning crypto in this year (up from 18.4% in 2020).

Independent Reserve is an Australian-based cryptocurrency exchange that was founded in 2013, and has more than 200,000 users. 

This increase in cryptocurrency adoption that has occurred in the Land of the Kangaroos this year sees Queen Bitcoin remain the most popular with 89.1% of Australians aware of it and 21.1% owning it.

IRCI’s survey revealed that the most common influence for extending crypto adoption still remains “word of mouth” among friends or family, with 47.5% (almost half) of Australians saying this was the reason they initially invested in cryptocurrencies.

However, scepticism towards the sector is still very much alive, with 36.5% of Australians avoiding entering due to perceived inherent risk and the price, which they say is too volatile. 

The rise of females in crypto and their behaviours

Even in Australia, crypto women seem to have taken the courage to get into the field in this industry, which has been largely male-dominated for years. 

In addition to the general doubling of crypto women in the Land of the Kangaroos to 20% this 2021, other platforms have revealed not only the increase in their participation but also their behaviour when it comes to crypto-trading. 

At the beginning of 2021, for example, the monthly report of the trading platform eToro had already revealed the increase by female investors in the crypto sector, revealing Bitcoin and Ethereum to be the chosen ones. 

In fact, on eToro, compared to January 2020, already in January 2021, crypto women had increased by 15% for BTC investments and 12% for ETH investments. 

Another report from late 2019 by Grayscale, on the other hand, had shown that 43% of investors interested in Bitcoin were already women. 

Ding’s 2021 survey and crypto adoption versus other financial products 

This year, global mobile top-up service Ding carried out a study of 6,250 respondents in KSA, UAE, Nigeria, Indonesia, Germany, India, Mexico, Brazil and the Philippines about their engagement in the prepaid market and their attitudes towards the economy. 

In general, respondents showed a greater preference for cryptocurrencies over some traditional financial products. Cryptocurrencies ranked sixth out of thirteen options, with traditional bank accounts, savings accounts and credit cards the most popular products

Among the countries surveyed, Nigeria showed the highest rate of digital currency adoption, with 25% of users confirming that they currently own Bitcoin or other cryptocurrencies. 

This was followed by the Philippines and Indonesia, where 19% and 18% of respondents respectively confirmed owning cryptocurrencies. In contrast, cryptocurrency adoption was lowest in Germany and Mexico, with 8% each, followed by Saudi Arabia with 10%. 

Australia and crypto women: the case of Jane Hume

Speaking of women and crypto, Australia’s Jane Hume, a member of the government and Australia’s Minister for the Digital Economy, recently made some pro-crypto statements. 

According to Hume, the time has come to open up the country’s market to crypto, thus changing the paradigm on the part of the authorities and trying to create precise regulations. 

Here too, Australian crypto women have their own government spokesperson with the Senator and Minister not considering cryptocurrencies to be a “passing fad”, but instead defining them as a technological innovation to be kept under observation. 

In this regard, Hume is reported to have commented: 

“Decentralised finance underpinned by blockchain technology will present incredible opportunities – Australia mustn’t be left behind by fear of the unknown”.