Originally published: Really Simple Money, 1 December 2022
Back in the 1990s Prime Minister Paul Keating famously said that Australia was enduring the recession it had to have.
Adapting that statement to 2022, and perhaps the crypto industry is having the shakeout it had to have.
The high profile collapse of the FTX exchange in the US has triggered a run on other exchanges, with another firm BlockFi filing for bankruptcy this week.
With this context, its unsurprising that Australian’s interest in crypto investing is waning. Recent research by pollster Pureprofile for crypto exchange Independent Reserve, based on a survey of around 2000 people, found that the percentage of respondents owning crypto currencies fell to 25.6% from 28.8% in 2021.
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