How Australian People Spend Crypto?
Australia is an extremely crypto-friendly nation, with many people owning crypto and even spending crypto in their everyday lives. As time goes on, more and more people are becoming interested in spending their crypto on real-world goods and services instead of merely holding it.
This article will take a look at what cryptos are popular and how crypto is being used in Australia. Let’s begin.
Crypto Use in Australia
Around 23% of Australians own crypto, an incredibly high figure compared to the global average of 4.2%. One in four Australians also intend to enter the crypto market for the first time in the next 12 months. 50% of millennials already own cryptocurrencies, making crypto adoption rates in Australia among the highest on the planet.
So how are Australians using crypto?
Popular Cryptos in Australia
The most commonly owned cryptos in Australia are Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Binance Coin (BNB), Ripple (XRP), and Litecoin (LTC).
It’s worth noting that 17% of Australian users reported profits of $10,000 or higher in 2023, indicating an above-average degree of competence in the nation’s crypto space.
Half of Australian crypto users earn a salary from $60,000 to $149,999, meaning it’s not the super wealthy who are involved in crypto, but a wide range of people across multiple income brackets and walks of life.
Crypto Spending Statistics
55% of crypto users and merchants want to transact in crypto, with Bitcoin, Ethereum, and stablecoins being the top three choices listed in order.
41% of users want to spend crypto online only, whereas 35% want to transact in-store as well as online. Some Crypto.com research indicates the goods and services on which Australian users are spending or would like to spend their crypto.
Top of the list is air travel tickets at 45%. Check our article on how to book a flight with crypto for more info.
After that, 37% of users stated they would buy luxury goods with their crypto assets. Another 37% want to buy retail and grocery items in their day-to-day shopping, while 27% want to spend crypto on gaming and NFTs.
Digital media accounted for another 27% and 20% of users wish to spend their crypto on utilities like phone or electricity bills.
17% of users would spend crypto on hospitality, 14% on financial services and healthcare, and a further 3.9% of users listed Other as a potential avenue through which they could transact their crypto assets.
All told, there is considerable interest. As shown in the statistics above, many users have more than one category where they would spend their crypto gladly.
The rise of crypto debit cards is here to accommodate those wishes, with crypto constantly becoming easier to spend.
How to Spend Crypto With Grineo
Grineo is a crypto debit card service solely focused on the Australian market. Users can sign up to the waitlist for the card, which is due to launch in early 2024, here.
The card allows users to spend crypto just like they would cash. There is no manual conversion of assets required on the user end – simply tap or swipe the card to make a crypto payment. Funds are automatically converted to current fiat market rates and the correct sum is deducted from their crypto wallet, with a low fee charged by Grineo making the process highly affordable as well as convenient.
Grineo is AUSTRAC-regulated and a member of the prestigious Blockchain Australia organisation. It offers a wallet with multiple crypto assets, a crypto swap service, and of course, the card.
