Research has shown that one in five Australians believe that crypto is the key to homeownership due to a lack of confidence in traditional savings.
survey, conducted by cryptocurrency exchange kraken, found that a growing number of young Australians are becoming frustrated with traditional investment options. Nearly a quarter of those surveyed expressed concern that traditional cash savings were losing value for money.
The study found that 22% of Australians surveyed believe that investing in cryptocurrencies is an easier way to save for mortgage deposits than making fiat deposits in a bank account or other traditional savings methods.
Nearly 40% of Millennials – respondents born in the early 1980s and mid-1990s – said crypto assets are a good option to buy an investment asset. Furthermore, 31% of Generation X participants – Australians born in the mid-1960s to the mid-1980s – also believe that crypto assets are a better investment than real estate, while only 24% of Generation Z respondents – born between the late 1990s and 2010 – this sentiment resonated.
Nearly half of the Baby Boomers surveyed – who were born in the mid-1940s and early 1960s – have not invested in crypto, citing volatility concerns.
One in five survey participants either currently own or already own crypto assets, while 14% said they currently have an active crypto portfolio. About 85% of the respondents already own crypto assets and are planning to buy more.
Jonathan Miller, Managing Director of Kraken Australia, commented that Australia is one of the countries behind the US in adoption Fast growing market for crypto assets Which is largely driven by Millennials’ demand for:
“Australians still maintain a somewhat conservative approach to investing. 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 wealth grow. Looking for other options for
He added that it is young Australians who are changing the dynamic and expects the broader market to come around to the idea of investing in digital assets.
“We are confident that as more investors look to diversify their portfolios and look for investment opportunities outside of traditional offerings, we will see cryptocurrency come automatically to APAC.”
Miller also stressed the need for greater crypto education in Australia, and it appears that more is needed. Last month, Cointelegraph reported that more than half of Australians Think Elon Musk Invented Bitcoin.