We all know Australians love them some cryptocurrency. Indeed, for a country with around 25 million people, it’s quite astonishing to think that there were—as of January this year—246 domestically operating cryptocurrency exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
One of these cryptocurrency exchanges, Independent Reserve, recently sought to answer the question: “Which Aussie suburbs are the most active cryptocurrency traders?” The team did this by pulling Australian dollar-denominated trading volume data—pertaining to the period January 2018 through July 2019—from its database, which they then sorted by postcode.
So, which suburbs did Independent Reserve determine are Australia’s cryptocurrency trading hotspots? Perhaps rather unsurprisingly, the cryptocurrency exchange operator found that all 10 of the nation’s busiest crypto-trading suburbs are located in either New South Wales (NSW) or Victoria (VIC). For those unaware, these are Australia’s two most populated states. In fact, its where nearly 60 per cent of Australians reside and roughly two-thirds of Independent Reserve’s trading volume stems from.
In order, the 10 suburbs (postcodes) that Independent Reserve found to be Australia’s most crypto-crazed are Darlinghurst (2010), Westmead (2145), Bondi (2026), Melbourne (3000), Werribee (3030), Sydney CBD (2000), Hoppers Crossing (3029), Baulkham Hills (2153), Crows Nest (2065), and Liverpool (2170).
Commenting on Independent Reserve’s findings, chief executive and founder Adrian Przelozny said they reveal that the greater western region of Sydney—one of Australia’s most vibrant urban growth corridors—was the new hotspot for cryptocurrency in NSW. “With Westmead, Baulkham Hills, Liverpool and Parramatta near the top 10…migrants and early adopters still make up a large proportion of the cryptocurrency community.” Przelozny added that his team found other western Sydney suburbs had ranked 11th–20th for NSW.
This is a good thing. With much concern over the current health of the global economy, savvy investors would traditionally turn to gold to hedge against losses/provide a store of value. For the first time, a sizeable group of ordinary people will have an asset outside of super that might help them do the same during a potential difficult economic period. – Przelozny
Whilst running the numbers on Australia’s cryptocurrency trading hotspots, Independent Reserve—which recently took out ‘Digital Currency Exchange of the Year’ at the inaugural Australian Blockchain Industry Awards—managed to quantify some other interesting patterns and trends.
One of these related to the gender ratio of its user base. Although cryptocurrency trading “remains a heavily dominated male activity,” Independent Reserve explained in a statement shared with Nugget’s News, the proportion of its users who are female has grown by 25 per cent over the past year. Females now account for one in every five Independent Reserve users.
Another noteworthy finding by Independent Reserve had to do with trading times. Despite the cryptocurrency markets being open perpetually—versus the Australian Securities Exchange, for example, which is open from 10:00am to 4:00pm (AEST) on business days—Independent Reserve found that the bulk of its weekly trading volumes come on Wednesday (17%), Tuesday (16%), and Thursday (16%). As for the time of day that Independent Reserve’s 100,000-plus users trade cryptocurrencies, the exchange operator found that is processes the majority of trades between 11:00am and 5:00pm.