In research conducted by Kraken exchange, two-fifths of Aussie millennials depicted their interest in crypto investments. Apparently crypto is a better investment than real estate in the eyes of millennials.
The research gave insights into what Australians think about crypto. Boomers are worried about the volatility associated with crypto assets. However, one in five millennials showed full confidence in crypto investments.
The increasing number of Australians are losing their faith in traditional options of investments like cash. One out of four of those surveyed believed that the value of money is diminishing over time.
The research was a collaborative effort of cryptocurrency exchange Kraken and research partner YouGov. A total of 1,027 Australians older than 18 years participated in the research.
22% of the respondents said that investing in cryptocurrency was a relatively easier way of saving for mortgages. These people found other fiat investment options less appealing.
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40% of the Australians born between the early 1980s and the mid-to-late 1990s – the Millenials- considered crypto assets a good alternative to buying an investment property. Moreover, 31% of those born between the mid-1960s to early 1980s – Generation X – also had believed that crypto is a better investment than real estate.
Australian population of baby boomers who responded in this survey cited that they have not invested in crypto due to the volatility of the assets.
Close to 85% of the respondents, who already owned crypto assets, said that they are planning to go for more crypto investments.
Jonathan Miller, the Managing Director of Kraken Australia, commented on the rapidly growing crypto market in the country.
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.
Aussie millennials are bullish on crypto despite a lack of education in this particular area. In a survey last month, half of the respondents said that they think Elon Musk invented Bitcoin.