According to a new EY (formerly Ernst and Young) estimate; crypto-economy of Australia might surge triple in size by 2030 up to 30 times its current size. The sector now provides AU$2.1 billion ($1.5 billion) and employs around 11,600 people as of 2021.
However, with proper reform and expansion, the research suggests that these statistics might rise to AU$68.4 billion ($48.62 billion); with more than 200,000 people working in the industry.
By 2030, Australia Will See A Surge in Crypto
The research was commissioned by Australia’s digital infrastructure business Mawson Infrastructure Group in light of the recent release of a Senate Select Committee report investigating the future of the country’s digital asset market; led by Senator Andrew Bragg.
“The Mawson/EY report shows just how beneficial the adoption of crypto assets and infrastructure could be for the Australian economy,; stated the CEO and Founder of Mawson, James Manning in a written statement.
“The Bragg report sets out a framework that will accelerate this adoption. We look forward to being a part of the ongoing conversation.”
The research ascribed this predicted development to the country’s accommodating policy environment to attract foreign and local investment to supplement the ongoing pace of adoption.
The research also forecasts that as the technology matures, its integration with other technologies and sectors will progress.
It identifies financial services, custody, asset management, data management, and cryptocurrency insurance as opportunities for economic and employment growth. However; as important as that pace of increase is, one Australian industry observer believes that the figures may be too modest.
“I think that what they’ve based these figures on is a traditional model or traditional metrics of what we’ve done in the past;” Trent Barnes, principal of ZeroCap; an Australian digital asset provider for private clients, stated.
“Because we’re in an unprecedented time at the moment where this explosion of innovation is hard to take into account and apply tangible numbers to it … If we’re in the year 2030 and we’re looking back, I think that those numbers would have been grossly underestimated.”
Barnes believes that one emerging element that EY overlooked in developing the report was the role that the metaverse will play in many aspects of our lives not just for entertainment but also for business; foreseeing not only people working within the metaverse but also an explosion of new economic opportunity.
Conclusion
Retail crypto investing in Australia is already booming. According to the research an estimated 600,000 persons in Australia have already invested in cryptocurrencies, based on information from the Australian Tax Office (ATO).
However, according to another research by local crypto exchange Independent Reserve; 28.8 percent of Australians possess or want to hold Bitcoin.