Crypto comes of age: Why digital assets are no longer just for ‘crypto bros’

Australia’s crypto landscape has shifted from niche interest to mainstream appeal, writes Kraken’s Jonathon Miller.

Crypto’s increasing adoption could see it come into voters’ considerations in the impending federal election. Pic via Getty Images

• Crypto ownership is increasingly common among everyday Australians, moving beyond niche demographics

• Aggregated Kraken data reveals crypto users are politically diverse, with significant representation in Labor-held electorates

• 59% of crypto users prioritise pro-crypto policies when voting, potentially influencing future elections

Special Report: As crypto users become a significant voting bloc in Australia, cryptocurrency ownership is no longer the domain of tech enthusiasts alone, but an increasingly mainstream financial tool embraced by everyday Australians.

Cryptocurrency has moved from niche to national interest and is now firmly part of the financial mainstream.

Exclusive data from Kraken ahead of the election on May 3 highlights a significant shift: crypto is now a mainstream financial asset embraced by Australians from all walks of life, reshaping political and economic conversations nationwide.

A political X factor

Kraken’s analysis reveals the growing political influence of crypto owners, spanning diverse electorates across the country. According to data sourced from an anonymised representative sample of Kraken’s Australian client base, over 15,000 (~70%) crypto users reside in Labor-leaning electorates, significantly outnumbering the roughly 5,000 (~23%) in Liberal-held areas and nearly 1,000 (~4%) within Greens strongholds.

This distribution underscores crypto's broad appeal and potential electoral implications –especially in closely contested seats.

Political parties, particularly Labor, as the incumbent majority government – have much at stake. And crypto’s growing prominence as a mainstream asset class is evident not only in ownership statistics but also in public attitudes.

Increasing adoption and bespoke regulation urgency

Crypto adoption has been driven by pragmatic reasons: ordinary Australians increasingly see crypto as a viable tool for financial autonomy and long-term exposure to a fast growing and innovative sector, in the face of soaring inflation and real estate prices, rather than a short-term speculative investment or a fringe, technological hobby.

The fast-changing international policy environment underscores the urgency for bespoke Australian crypto regulation. Australians are aware of significant advancements overseas, such as the establishment of a Strategic Bitcoin Reserve in the US and the EU’s implementation of MiCA (Markets in Crypto Assets) regulations.

These global policy developments are shaping the expectations of Australian crypto users, who expect regulatory clarity at home.

As crypto becomes an integral financial tool for everyday Australians, clear and supportive regulatory frameworks become vital. A regulatory framework which balances room to innovate with consumer protections will enable Australians to share in the sector’s innovation and economic growth.

As recent election cycles across the world have shown, there’s a passionate bloc of crypto voters, eager for regulatory clarity, that grows in size each election cycle.

This article was developed in collaboration with Kraken, a Stockhead advertiser at the time of publishing, and was written by Kraken managing director for Australia and rest of world Jonathon Miller.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.