Australians set for a crypto-centric Christmas this year
Independent research commissioned by Crypto.com, the world’s fastest growing cryptocurrency platform, has found that crypto-centric gifts will feature prominently under the Christmas tree in Australian homes this year.
The Crypto.com survey of more than 2,000 Australians aged between 18 and 59 who have engaged with a cryptocurrency in the last 12 months, found that 26% are planning to buy crypto-centric gifts this holiday season.
The survey, conducted in October 2021, showed a majority of this group of respondents were under 44 years old, and over half of them said they would consider buying actual crypto coins, such as Bitcoin and Ethereum, as gifts.
“Australians are clearly very keen to adopt cryptocurrencies and integrate their use into day-to-day spending, and we’re excited about helping them,” said Karl Mohan, General Manager for Asia-Pacific for Crypto.com.
The survey found crypto merchandise such as crypto-themed socks and hoodies could also become trendy this Christmas with 43% of those planning to buy crypto-centric gifts looking for these items.
Around 42% of Australians were considering coin vouchers and 35% crypto books for Christmas gifts, while 30% said they would look at buying non-fungible tokens (NFTs) such as NFT art, NBA top shot, or Axie Infinity gaming tokens.
Despite crypto being a relatively new way to make payments for goods, nearly 8% admitted they will use tech-forward options like cryptocurrency or a crypto-linked card to pay for Christmas gifts this year. This compares with 1 in 3 who plan to use buy now, pay later (BNPL) services.
Among the respondents to Crypto.com’s survey, 13% admitted to having used cryptocurrency for payments during the past 12 months.
“Australians are gradually increasing their use of cryptocurrency and blockchain technology and Crypto.com is committed to ensuring they have a secure platform and the tools needed to take control of their futures,” Mohan said.
Click here to enter text.Crypto.com is focused on increasing the practical use of cryptocurrency in everyday life by offering the easiest, most secure and regulatory compliant crypto platform. In Australia it offers the Crypto.com Visa Card, the world’s most popular crypto-linked card, available in more than 30 countries.
Online spending surge
The survey also found that online shopping was likely to be the most popular choice for Christmas purchases this year with 67% of the survey respondents favouring this option.
The internet is growing in popularity because Australians were either worried about going to crowded places due to COVID-19 (22.6%), found it more convenient (33%), or were looking to take advantage of the deals available on various online marketplaces, such as Facebook and eBay (12%).
The remaining 1 in 3 are still keen on hitting the malls or supporting local businesses via in-store shopping.
Aussies ready to use crypto more widely
According to the survey, many Australians are happy to use cryptocurrencies as part of their everyday life with two-thirds of respondents agreeing that crypto has alternative uses other than as part of an investment portfolio.
The most popular use cases these respondents saw for crypto was in making local or international payments (65%), while 41% rated crypto as a store of value, and 33.5% agreed crypto was a useful way to earn staking rewards. Staking rewards are a form of interest paid on stored crypto holdings.
Just under a third (31%) said cryptocurrencies were good to buy digital collectibles or NFTs.
Almost half of the survey’s respondents (47%) when asked to rate the importance of having a debit card to spend their crypto at any given location rated it 7 or above out of 10.
NFTs gaining interest
While 1 in 4 Australians currently own an NFT, a further 21% in the survey confirmed they’re looking to jump on the NFT bandwagon.
Unlike popular belief, the popularity of NFTs was highest among 35 to 44-year olds as opposed to 18 to 24-year olds, and among those who own NFTs, the largest cohort is in the 40 to 44-year-old age group, and the same goes for those who are looking to buy in future.
Likewise, 35–39-year olds are the most prominent among those who rate digital collectibles or NFTs as a key user case of crypto.
Wary of scams, security remains key
Australians remain very security and cost conscious when it comes to using cryptocurrencies. Eight in 10 respondents (81%) said security was an important criterion when choosing where to buy crypto, while 78% said they look for low fees.
Volatility and scams were also key concerns with six in 10 (64%) respondents citing market volatility as a key issue while close to half (47%) were worried about unscrupulous activity and scams. A further four in 10 (41%) said the lack of acceptance of cryptocurrencies by traditional finance sources was a concern.
“We are hopeful that with greater regulation imminent, and with more traditional financial institutions foraying into cryptocurrency, some of those concerns will be addressed. We see this as highly encouraging not only for crypto businesses like us, but more importantly for Australians interested in the cryptocurrency space,” added Mohan.
“Security is a top priority for Australian customers, and rightfully so, given crypto is still an emerging and maturing asset class. To that effect, Crypto.com has applied the highest standard in security management by obtaining ISO certification and obtaining industry’s largest insurance cover at US$750m, to protect our customers’ money and trust.”