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Research has revealed that one in five Australians believe that crypto is the key to homeownership as confidence in traditional savings plunges.
A recent survey held by Kraken crypto exchange revealed that an increasing number of young Australians are losing faith in the value of their traditional cash savings. The survey shows that one of five Aussies consider crypto the key to homeownership.
According to the survey, 22% of the people surveyed believe that putting their money in cryptocurrency is an easier way to save for a mortgage deposit than depositing your money in fiat in a bank account.
An astonishing 40% of Millennials, those born between the early 1980s and the mid-to-late-1990s, believe that crypto assets are a good alternative to property investment. In addition, 31% of Generation X respondents, those born between the mid-1960s to early 1980s, share the millennials in their view that crypto assets are preferred over real estate. Generation Z respondents are less convinced with only 24% of those born between the late 1990s and 2010 favoring crypto assets.
The survey also revealed that out of the baby boomers, surveyed, those born between the mid-1940s and mid-1960s, half have not invested in crypto, due to volatility concerns.
The survey further reveals that 20% of the respondents either currently own or have previously owned crypto assets. Of those surveyed, 15% confirmed to be holding an active crypto portfolio. Of those who already own crypto assets, almost all of them plan to buy more.
According to Jonathon Miller, Managing Director of Kraken Australia, the country is a rapidly growing market for crypto assets, despite lagging behind the United States in terms of adoption. Miller says that the growth is largely driven by 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 then added:
“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 further confirmed the need for greater crypto education in Australia, after a Finder study last month revealed that over half of Australians believe that Elon Musk is the man behind Bitcoin.