Two-Fifth of Australian Millennials Trust Crypto Investments

Two-Fifth of Australian Millennials Trust Crypto Investments
  • Crypto is the key to homeownership as trustworthy.
  • Crypto belonging better investments compared to real estate
  • The necessary for crypto education highlighted by the Miller

Crypto is the key to homeownership as trustworthiness in traditional savings declines, however, two-fifths of Australians trusted.

Henceforth, in one of the surveys conducted by the cryptocurrency exchange Kraken, they found that the traditional investment options discouraged by many young Australians. Nearly a quarter of those surveyed expressed concern about the decreasing value of money from traditional cash savings.

Moreover, investing in cryptocurrency is an easier way to save for a mortgage deposit than storing traditional money in a bank account or other traditional savings method believed by the 22% of Australians. This is found in one of the studies.

Nearly 40% of Millennials stated crypto belongings are a good alternative for buying an investment property. Millennials are those born between the early 1980s and mid-1990s. In addition to this, 31% of Gen X participants also believe crypto belongings are better investments than real estate. Gen X participants are Australians born between the mid-1960s and early 1980s.

Accordingly, only 24 % of those born between the late 1990s and 2010s support the traditional methods.

One-fifth of the participants of the survey either currently own or have previously owned crypto belongings because 14 % stated they currently handle an active crypto portfolio. And almost 85% of participants who already own crypto belongings plan to buy more.

Jonathon Miller, managing director of Kraken Australia stated,

“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”.

Furthermore, the necessity for crypto education was highlighted by Miller, because it was more needed. In the previous month, TBEN reported that more than half of Australians believe Elon Musk invented Bitcoin.

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