A report published by cryptocurrency exchange Kraken shows that two-fifths of Australian millennials prefer to invest in crypto assets over real estate. The survey shows that many Australians are losing faith in traditional assets such as gold, stocks and real estate.
Kraken’s Australia managing director: ‘Young Australians look for other options to grow wealth’
A survey conducted by San Francisco crypto exchange Kraken indicates that 40% of millennials believe in investing in digital assets like bitcoin (B T c) will turn into long term gains. In fact, Kraken’s survey shows that nearly 40% of millennial respondents believe that digital currencies are an alternative investment to real estate.
The study also revealed that 22% of millennial Australians (born between the early ’80s and mid-’90s) think investing in digital assets is a better way of saving money than depositing money with bank accounts. There’s a better way. Nearly 50% of the Baby Boomers (born in the mid ’40s and early ’60s) said they did not invest in crypto and cited the volatility of the crypto economy.
31% of Gen X survey participants (born in the mid-’60s and early ’80s) believe that digital asset investing exceeds real estate purchases in importance. 24% of Gen Z respondents (born between the late 90s and 2010) also feel that crypto assets are a better investment than commercial or retail property investments.
Jonathan Miller, Australia-based managing director of Kraken, explained that Australian crypto adoption is growing at a rapid pace. Most of the crypto demand in the country stems from the millennials and younger generations.
“Australians still maintain a somewhat conservative approach to investing,” Miller elaborated in the report. “Property has been a cultural norm and high on the wish list for most investors, but as affordability continues to be an issue, we are seeing more young people looking for other options to grow wealth.”
Miller has a positive outlook on financial change in the Asia-Pacific (APAC) region and believes young Australians are a driving force when it comes to cryptocurrency adoption.
“We believe that as more investors look to diversify their portfolios and seek investment opportunities outside of traditional offerings, we will see cryptocurrency come into its own at APAC,” concluded Miller.
What do you think of Australian millennials who prefer investing in crypto assets over real estate? Let us know what you think about this topic in the comment section below.
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