Bitcoin boomed in 2024, but VC money stayed on the sidelines
VC investment in Australian crypto startups dropped nearly 40% in 2024, while funding in the US remained flat.
Venture capital investors in Australia and the US have yet to flock back to the cryptocurrency sector, new data shows, despite Bitcoin having arguably its best year ever in 2024.
VCs poured USD10 billion ($15.9 billion) into American crypto startups in 2024, according to PitchBook data — almost the same amount as the previous year. Meanwhile, funding for Australian crypto startups fell nearly 40% to $94 million, according to the State of Australian Startup Funding report.
King River Capital and Airtree, two of Australia’s most crypto-keen VCs, say they remain committed to the sector but argue that the local scene is being held back by a lack of regulation.
“Clearer regulatory certainty would undoubtedly boost investor confidence, unlock greater capital flows and help position Australia as a regional leader in Web3,” said King River co-founder Zeb Rice.
