Australia: Nearly 20% of Millennials Prefer Crypto Investments over Real Estate
Two-fifths of Australian millennials prefer crypto assets over real estate when it comes to investing, survey shows.
Banking on Crypto Adoption
According to a recent survey conducted by cryptocurrency exchange Kraken, about 40 percent of Australian millennials believe that investing in crypto is the key to long-term success as confidence in traditional savings instruments continues to deplete.
An increasing number of Australians are losing confidence in traditional investment options such as real estate, gold, and others. Close to 25 percent of those surveyed expressed concern over the reducing value of money in traditional cash savings.
Notably, the survey also found that 22 percent of the Australians surveyed believe investing in digital assets such as bitcoin (BTC), ether (ETH), and others is an easier way to save for a mortgage deposit compared to storing fiat in a bank account or other traditional savings methods.
Close to 40 percent of millennial respondents (born between the early 1980s and the mid-to-late 1990s) were of the opinion that crypto assets are a sound alternative to purchasing an investment property.
Moreover, 31 percent of Generation X respondents – those born between the mid-1960s to early 1980s – also hold the opinion that crypto assets are better investments than real estate. In contrast, only 24 percent of Generation Z respondents (born between the late 1990s and 2010) shared this sentiment.
With regard to baby boomers – those born between the mid-1940s and mid-1960s – almost half of them cited cryptocurrency’s high price volatility as a primary reason for them not investing in the emerging asset class.
Crypto Ownership on a Rise
Almost 20 percent of those surveyed either currently own or have previously owned crypto assets while 14 percent noted that currently hold an active crypto portfolio. Almost 85 percent of those who already hold a crypto portfolio plan to add more to their stack.
Commenting on the development, Jonathan Miller, Managing Director, Kraken Australia, noted that Australia might be lagging behind the U.S. in terms of adoption, it is, however, a rapidly growing market for crypto assets buoyed by large 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.”
As previously reported by BTCManager, premier cryptocurrency bitcoin (BTC) had eclipsed gold in terms of popularity in Australia.