Cryptocurrency in New Zealand

Cryptocurrency Awareness in New Zealand Is Growing

Cryptocurrency continues to capture public attention, with varying levels of awareness and involvement. In New Zealand, while nearly 30% of people have at least heard of popular cryptocurrencies like Bitcoin or Ethereum, a larger proportion remain unfamiliar with them entirely.

Low Adoption and Cautious Sentiments Toward Cryptocurrency

When it comes to actually owning or using cryptocurrency, the numbers are pretty split. Only about 19% of New Zealanders report having owned or used cryptocurrency, while nearly 70% have never engaged with it. For those who haven’t used it, it’s often a lack of interest or trust. Over half of New Zealanders express little to no interest in cryptocurrencies, while 28% are skeptical about the risks and downsides, highlighting a certain level of caution about the volatile nature of the market. Yet, despite this skepticism, there remains curiosity about cryptocurrency. A small group of people is eager to learn more about it, though they have not yet committed to owning any. It’s clear that there is an opportunity for education and growth in the market, with many potential users still on the fence but open to exploring the possibilities.

Exchanges Lead the Way in Cryptocurrency Storage Among Kiwis

As for how people manage their cryptocurrency, the landscape is diverse. Many Kiwis store their holdings in cryptocurrency exchanges. A slightly smaller group opt for mobile wallets or apps to manage their assets, while some use software wallets. A smaller portion take a more secure approach, using physical devices like Ledger to safeguard their crypto holdings.

Cryptocurrency’s Niche Role in Daily Payments

Cryptocurrency’s potential for use as a payment method remains somewhat limited in New Zealand. Only 7% of respondents say they’ve ever used cryptocurrency to make a purchase. Most people still prefer using cash for transactions, but it’s worth noting that many people store their credit card info on their phones, showing they’re comfortable with digital payments, even if it’s not yet with cryptocurrency.

Bitcoin is the Most Well-known Cryptocurrency in New Zealand

While Bitcoin is the most recognized cryptocurrency in New Zealand, it's still relatively uncommon for people to use exchanges for trading or engaging in the broader market. Around 10% of people have engaged with Bitcoin exchanges, pointing to a low but dedicated group of active users.