Insights from a report generated by crypto giant Kraken reportedly revealed one in five individuals in Australia prefers crypto as an investment choice, compared to traditional assets like real estate.
Specifically, the Kraken survey reportedly revealed that more and more young people in Australia are losing their faith in traditional investment selections, with nearly a quarter of the ones participating are worried that the value of money in traditional cash savings is on the decline.
The insights reportedly suggested that 22% of the participants share a belief that making investments in crypto can be a more simplified method to save for a mortgage deposit, compared to keeping fiat in a bank account, or other different commonly used saving measures.
Approximately 40% of Millennials – who have their birthdays between the early 1980s and the mid-to-late-1990s – reportedly remarked that virtual assets are an appropriate alternative to purchasing an investment property.
Moreover, 31% of Generation X – people born between the mid-1960s to early 1980s period – also lean towards crypto assets rather than real estate, while only 24% of individuals of Generation Z – late 1990s and 2010 – join aboard with the trend.
Nearly 50% of the baby boomers who took part in the survey – mid-1940s and mid-1960s – have not made any investments in crypto, mainly due to volatility worries.
Kraken Australia Managing Director, Jonathon Miller, reportedly disclosed that although it still falls behind America when it comes to adoption, Australia is in fact a fast developing market for virtual assets, which is majorly motivated by demand from millennials.
“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 further claimed.