The latest research indicates that one in every five Australians think that cryptocurrency is the key to home ownership as confidence in the traditional savings systems plummet. This survey, done by the Kraken crypto exchange, discovered that a growing number of young Australians are now quite disheartened by traditional investment options.
Nearly 25% of those surveyed expressed some fears that the value of money in the traditional cash savings is dwindling. While the boomers down under are worried about volatility, the millennials are filling up their crypto bags.
This study also discovered that around 22% of the Australians sampled think that investing in crypto is an easier way to save for a mortgage deposit than storing their fiat in a bank account or any other available traditional savings strategies.
About 40% of the Millennials said that cryptocurrency and other digital assets are a viable alternative to acquiring an investment property. The respondents were born between the early 1980s and the mid-to-late 1990s.
Additionally, 31% of the Generation X participants also think that crypto assets are better investments compared to real estate, while about 24% of the Generation Z respondents agree with this sentiment. Generation X was born between the mid-1960s to early 1980s while Generation Z was the people born between the late 1990s and 2010.
Nearly 50% of the baby boomers who participated in this survey have not invested in any crypto, citing volatility as their main concern. Boomers were born between the mid-1940s and the mid-1960s.
One in five of the survey participants currently owns or have previously owned some crypto assets. On the other hand, 14% said that they currently hold an active crypto portfolio. About 85% of the respondents who already own crypto assets plan to acquire some more.
Jonathon Miller, Kraken Australia Managing Director, said that while lagging behind the United States in terms of adoption, Australia is a speedily growing market for the crypto assets that is mainly driven by the massive demand from millennials:
“Australians still maintain some conservative attitudes toward investment. Property has been a cultural norm and high on the wish list for most investors, but as affordability continues to be an issue, we’re seeing more young people look for other options to grow wealth.”
He also said that it is the younger generation who are changing the market dynamics and expects the general market to come around to this nascent idea of investing in digital assets:
“We’re confident that as more investors look to diversify their portfolios and seek investment opportunities outside of the traditional offerings we’ll see cryptocurrency come into its own in APAC.”
Miller also emphasized the need for increased crypto education in Australia, and it appears like more is needed on this front. In May, reports emerged that over 50% of Australians think that Elon Musk invented Bitcoin.