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Australia is losing the global crypto race. Here's why

·3-min read
SYDNEY, AUSTRALIA - SEPTEMBER 19:  In this photo illustration, a terminal to accept payments using bitcoins is displayed on the bar at the Old Fitzroy pub on September 19, 2013 in Sydney, Australia.  (Photo by Cameron Spencer/Getty Images)
Is Australia lagging behind in other countries in cryptocurrency awareness and trading? (Photo by Cameron Spencer/Getty Images)

As the price of Bitcoin soars and cryptocurrency becomes more embedded into our way of life, some countries are adjusting to this new future better than others – and Australia is falling behind, new research has revealed.

The crypto opportunity is there for the taking, especially because it is not limited by geographical boundaries. But some countries, more than others, seem to be rising to the occasion and making hay while the sun shines.

To examine which countries have the most interest in crypto, comparison platform BrokerChooser analysed their own and other data to find out which countries are best at 'adopting' crypto.

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Australia's ranking compared to other nations

With a score of 3.77/10, Australia is the ninth-most crypto aware country, according to this report, falling behind countries like Nigeria, South Africa, Kenya and Russia.

Crypto awareness ranking and break up by parameters.
Detailed ranking of countries by their crypto searches, ownership and adoption rate adding up to the total awareness ranking. (Source: BrokerChooser)

Ukraine, with a total score of 7.97, is the world leader in cryptocurrency awareness, followed by Russia coming in a close second with a score of 7.46.

The United States ranks third with a score of 6.03, followed by Kenya and South Africa.

The number of crypto owners appears to be the highest in India, Russia and Nigeria but one must consider the percentage of ownership and adoption rate relative to the population. Even on this parameter Ukraine scores the highest, with 12.73 per cent of the population turning to crypto.

857,553 Australians are crypto owners which amounts to 3.36 per cent of the population. However, the adoption rate of crypto Down Under (0.21 per cent) falls far short of that of US and Russia's (0.627 and 0.931 per cent respectively).

What has influenced this ranking?

Key cryptocurrency-related search terms have had the greatest role to play in determining the total global searches over the last 12 months.

Some of the highest-searched terms and queries include ‘cryptocurrency’, ‘what cryptocurrency to invest in’ and ‘cryptocurrency trading’.

The available data on parameters such as the number of crypto owners, the global crypto adoption index, and search frequency was assessed against the population of each country.

A combination of all these factors resulted in a crypto awareness score, which ranks countries according to their population's interest and awareness of cryptocurrency and its trading.

But let's spare a thought for FOMO

FOMO (fear of missing out) might well explain what’s going on with crypto awareness, despite some veterans of economics dismissing crypto altogether and describing it as a new type of currency powered by a social phenomenon.

Networking on social media is common among crypto owners and there's a surge of famous crypto influencers.

So FOMO may have had a hand to play in driving crypto awareness more than the pure interest and capacity to invest in cryptocurrency – nobody wants to miss out on getting rich.

WATCH BELOW: Inside Australia's largest Bitcoin mining operation

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