Two-fifths of Aussie millennials think crypto investments beat real estate
Research has found that one in five Australians believes crypto is key to home ownership as trust in traditional savings wanes.
The survey, conducted by the Kraken cryptocurrency exchange, found that more and more young Australians are becoming discouraged from traditional investment opportunities. Almost a quarter of those surveyed expressed concern that the value of money would fall when traditional cash savings were made.
The study found that 22% of Australians surveyed believe that investing in cryptocurrency is an easier way to save for a mortgage deposit than keeping fiat in a bank account or other traditional saving methods.
Almost 40% of Millennials – respondents born between the early 1980s and the mid to late 1990s – said crypto assets are a solid alternative to buying an investment property. In addition, 31% of Generation X respondents – Australians born between the mid-1960s and early 1980s – also believe that crypto assets are better investments than real estate, while only 24% of Generation Z respondents – those between Born in the late 1990s and 2010 – this confirmed this feeling.
Almost half of the baby boomers surveyed – those born between the mid-1940s and mid-1960s – have not invested in crypto due to volatility concerns.
One in five respondents owns or has already had crypto assets, while 14% said they currently have an active crypto portfolio. Almost 85% of respondents who already own crypto assets plan to buy more.
Kraken Australia chief executive Jonathon Miller commented that while Australia lags behind the US in terms of adoption, it is a fast growing crypto asset market driven mainly by demand from millennials:
“Australians still have a certain conservative attitude towards investing. Real estate is a cultural norm and high on most investors’ wish lists, but as affordability continues to be an issue, we see more and more young people looking for other ways to grow their wealth. “
He added that it is the younger Australians who are changing the dynamic and expects the broader market to come up with the idea of investing in digital assets.
“We are confident that cryptocurrencies will come into their own in APAC as more and more investors diversify their portfolios and look for investment opportunities outside of traditional offerings.”
Miller also highlighted the need for better crypto education in Australia and it looks like more is needed. Last month, Cointelegraph reported that more than half of Australians believe Elon Musk invented Bitcoin.