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.

Read More: Bitcoin ETFs in and Around Asia After U.S. Approvals? Analysts Are Optimistic About Momentum

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.

Read More: Australia Proposes New Licensing Regime for Crypto Exchanges, Aims for Draft Legislation by 2024