As Australians become increasingly interested in alternative investments, a recent survey by international cryptocurrency exchange Kraken has found that 40 percent of millennials prefer investing in digital assets over real estate.
More Than a Million Millennials Will Buy Crypto in the Coming Year
The findings arrive on the back of a global property market boom elevating house prices to record levels across most Australian capital cities.
Other findings of the report include:
- 40% of millennials and 31% of Gen Zs believe crypto is a good alternative to property
- 20% of crypto investors view crypto holdings as being useful in saving for a home or investment property deposit
- On average, Australian crypto investors have 12.5% of total assets in cryptocurrencies
- 10% hold more than 25% of total assets in digital currencies
- Just under 25% of investors are long-term HODLers
As real estate investment becomes increasingly elusive, the report notes that up to 4 million Australians will be buying cryptocurrency in the coming 12 months, a third of whom are millennials. Up to 67 per cent of this group were found to believe that digital assets are a good alternative to an investment property. We also saw recent survey results that 49% of Money Invested into Bitcoin Would Have Gone into Stocks with over 62,000 answers, shows the percentage breakdown of investor capital by markets that was invested into cryptocurrencies..
Kraken Optimistic About APAC
Jonathon Miller, Kraken’s Australia-based managing director, says that cryptocurrency adoption in Australia is growing at a rapid pace with the bulk of demand rather unsurprisingly stemming from millennials and other younger generations. Miller notes:
Australians maintain some conservative attitudes towards 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.
Jonathon Miller
Miller maintains a positive outlook for the broader Asia-Pacific region and confirms what many have long suspected, that youth is undoubtedly leading the way in crypto adoption:
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.
Jonathon Miller
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