Research has found that one in five Australians believe cryptocurrencies are the key to home ownership as confidence in traditional savings wanes.
The survey, conducted by the Kraken cryptocurrency exchange, found that a growing number of young Australians are discouraged by traditional investment options. Almost a quarter of those polled expressed concern about the diminishing value of money from traditional cash savings.
The study found that 22% of Australians surveyed believe that investing in cryptocurrencies is an easier way to save for a mortgage deposit than to store fiat money in a bank account or other methods of deposit. traditional savings.
Almost 40% of Millennials, respondents born between the early 1980s and mid to late 1990s, said crypto assets are a solid alternative to buying investment property. In addition, 31% of Gen X participants, Australians born between the mid-1960s and early 1980s, also believe crypto assets are better investments than real estate, while only 24% of respondents Generation Z, those born between the late 1990s and the 2010s, echoed that sentiment.
Nearly half of the baby boomers surveyed, those born between the mid-1940s and mid-1960s, did not invest in cryptocurrencies, citing volatility issues.
One in five survey participants currently own or have owned crypto assets, while 14% said they currently have an active crypto wallet. Almost 85% of those surveyed who already own crypto assets plan to buy more.
Kraken Australia Managing Director Jonathon Miller said that although it lags the US in terms of adoption, Australia is a fast growing market for crypto assets that is largely driven by the request of Generation Y:
Australians still have conservative attitudes towards investing. Ownership has been a cultural norm and high on the wish lists of most investors, but as affordability continues to be an issue we are seeing more and more young people looking for other options. to increase their wealth. “
He added that it is the young Australians who are changing the dynamics and hope that the wider market will accept the idea of investing in digital assets.
“We are confident that as more and more investors look to diversify their portfolios and seek investment opportunities outside of traditional offerings, we will see cryptocurrencies gain in value in APAC.”
Miller also pointed out the need for more 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.