Two-fifths of Australian millennials wish to stay in bitcoin assets over real estate, according to a research released by the digital currency exchange Kraken. According to the poll, conventional assets such as gold, equities, and real estate are losing favor among Australians.
‘Young Aussies Look for Other Options to Grow Wealth’ says Kraken’s Australia Managing Director.
According to a study performed by the San Francisco crypto platform Kraken, 40% of millennials think that investment in digital assets such as bitcoin (BTC) would result in long-term returns. In reality, according to Kraken’s poll, over 40% of millennials believe cryptocurrencies are a great option to real estate.
According to the poll, 22% of millennial Australians (those born between the early 1980s and the mid-1990s) believe that digital property are a better method to save money than bank accounts. Nearly half of the baby boomer generation (those born between the mid-1940s and the mid-1960s) polled stated they did not invest in digital currency because of its volatility.
Cryptocurrency investments, according to 31% of Gen X poll respondents (born between the mid-’60s and early-’80s), are more important than real estate purchases. In addition, 24% of Gen Z respondents (those born between the late 1990s and 2010) believe that cryptocurrencies are a better option than commercial or retail property.
According to Jonathon Miller, Kraken’s managing director in Australia, cryptocurrency acceptance in Australia is rapidly increasing. Millennials and younger ones are driving much of the digital currency demand in the nation.
“Australians still maintain some conservative attitudes toward investment,” Miller stated in the report. “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.”
Miller sees the financial shifts in the Asia-Pacific (APAC) region as good, and believes that younger Australians will be the main driver behind crypto acceptance.
“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 concluded.