Research has revealed that one in five Australians believe that cryptocurrencies are the key to home ownership as confidence in traditional savings declines.
The survey, conducted by cryptocurrency exchange Kraken, found that an increasing number of young Australians are becoming discouraged with traditional investment options. Nearly a quarter of those surveyed expressed concern that the value of money in traditional cash savings is declining.
The study found that 22% of Australians surveyed believe that investing in cryptocurrencies is an easier way to save for a mortgage deposit than storing fiat money in a bank account or other traditional saving methods.
Nearly 40% of Millennials, respondents born between the early 1980s and mid to late 1990s, said that crypto assets are a solid alternative to purchasing an investment property. Furthermore, 31% of Generation X participants, Australians born between the mid-1960s and early 1980s, also believe that crypto assets are better investments than real estate, while only 24% of those Gen Z respondents, those born between the late 1990s and 2010s, echoed this sentiment.
Nearly half of the baby boomers surveyed, those born between the mid-1940s and mid-1960s, have not invested in cryptocurrencies, citing volatility concerns.
One in five survey participants currently owns or has owned crypto assets, while 14% stated that they currently have an active crypto portfolio. Almost 85% of respondents who already own crypto assets plan to buy more.
Kraken Australia Managing Director Jonathon Miller commented that while it lags behind the US In terms of adoption, Australia is a rapidly growing market for crypto assets that is largely driven by demand for millennials:
Australians still have some conservative attitudes towards investing. Property has been a cultural norm and is high on most investors’ wish lists, but as affordability continues to be an issue, we see more young people looking for other options to grow their wealth. “
He added that it is the younger Australians who are changing the dynamics and they hope that the market in general will accept the idea of investing in digital assets.
“We are confident that as more investors look to diversify their portfolios and seek investment opportunities outside of traditional offerings, we will see cryptocurrencies gain value in APAC.”
Miller also stressed the need for more crypto education in Australia, and it seems more is needed. Last month, Cointelegraph reported that more than half of Australians think Elon Musk invented Bitcoin.