- Australians’ long-standing preference for real estate investment may be changing as younger Australians trust crypto more as an investment option.
- Millennials in Australia do not trust traditional investment platforms as much as people did in the past.
- Australia’s Younger generation is changing the dynamics around the idea of investing in digital assets.
According to a recent survey conducted by Kraken, a U.S.-based crypto exchange company, about 40% of millennials in Australia trust crypto as an investment option rather than real estate.
The survey conducted by Kraken has revealed that young Australians are subscribing to the idea of cryptocurrency. Moreover, the report also found that Australian millennials (born between the early 1980s and the mid-to-late-1990s) do not trust traditional investment platforms as much as people did in the past.
Although Australian millennials were the generation of participants that most likely preferred cryptocurrency over real estate, 31% of generation X survey participants (born between the mid-1960s and early 1980s)and 24% of generation Z participants (born between the late 1990s and 2010) expressed similar sentiments.
In response to the research findings, Jonathon Miller, Managing Director, Kraken Australia, said that even though Australia is lagging behind the U.S. in terms of adoption, it is a rapidly growing market for crypto assets that is mainly driven by 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”, quoted Miller.
Additionally, Miller said that it is the younger Australians who are shifting the dynamic and believes the bigger market to come around the thought of investing in digital assets.
More Crypto craze among Aussies
According to a new research report by Finder, more Australians are turning their attention to cryptocurrencies after a recent surge in their prices. The research of 1,004 participants has found out that about 25% of Australians either own cryptocurrency or plan to buy by the end of 2021- equivalent to about 5 million digital currency investors.
The study also shows that Bitcoin is the largest digital currency and makes up over 40% of the total value of the biggest 250 cryptocurrencies as of June 2021. Nevertheless, the recent cryptocurrency trend has attracted a lot of new investors into the digital currency space who are eager to add a new stream of earnings to their assets portfolio, and experts believe that young Australians will be the driving force when it comes to cryptocurrency adoption in the near future.