A report published by the cryptocurrency exchange Kraken shows that two-fifths of Australian millennials prefer to invest in cryptocurrency assets over real estate. The survey shows that a number of Australians are losing faith in traditional assets like gold, stocks, and real estate.
Kraken’s Australia Managing Director: ‘Young Aussies Look for Other Options to Grow Wealth’
A survey conducted by the San Francisco crypto exchange Kraken indicates that 40% of millennials believe investing in digital assets like bitcoin (BTC) will end up turning into long-term gains. In fact, Kraken’s survey shows that nearly 40% of millennial respondents think digital currencies are an alternative investment to real estate.
The study also showed that 22% of millennial Australians (born between the early ’80s and mid-’90s) think that investing in digital assets is a better way to save funds than storing wealth with bank accounts. Close to 50% of the baby boomer (born between the mid-’40s and mid-’60s) crowd surveyed said they did not invest in crypto and they cited the crypto economy’s volatility.
31% of Gen X survey participants (born between the mid-’60s and early ’80s) believe digital asset investments supersede purchasing real estate in importance. 24% of the Gen Z respondents (born between the late ’90s and 2010) also feel that crypto assets are a better investment than commercial or retail property investments.
Jonathon Miller, Kraken’s Australia-based managing director, details that Australian crypto adoption is growing at a rapid pace. Much of the crypto demand in the country stems from millennials and younger generations.