Two-fifths of Young Australian millennial feel cryptocurrency investments are better than real estate - TCR

• Cryptocurrency is a better mortgage for buying a home later
• It is better than saving fiat currency in banks saving schemes
• Cryptocurrency values remain stable as compared to eroding values of fiat money savings

One of the many reasons for the increasing popularity of cryptocurrencies is the falling confidence in traditional savings. A recent survey conducted by cryptocurrency exchange Kraken revealed that one five Australians believe that holding cryptocurrencies is a key to owning a home. In other words, Australians have more faith in cryptocurrencies keeping the value of their investment as compared to other investments.

Increased disillusionment with traditional investment options

A growing number of young Australians are getting disillusioned with traditional investment options. 25% of the young Australians are wary that the value of their savings is steadily getting eroded. About 22% of Australians felt that investing in cryptocurrencies is a better option than storing fiat money in a bank or other traditional saving methods.

Cryptocurrency is popular among Millenials as an attractive investment

40% of Millennials or persons born between the early 1980s and mid to late 1990s felt that investing in cryptocurrencies is an attractive option to be used as a mortgage later to buy the property or a house. Even more striking was the opinion of Generation X or Australians born between the mid-1960s and early 1980s. 31% of Australians in this genre felt that investing in crypto assets is better than investing in real estate. 

Only 24% of Gen Z felt that investing in digital assets is better than investing in property. People who were born between the Mid1940s and mid-1960s have not invested in cryptocurrencies, citing volatility concerns.

The survey also revealed some very interesting trends. One in five persons who were surveyed owned some form of cryptocurrencies. 14% of the respondents said that trade actively and have an active crypto portfolio. Almost 85% of surveyed individuals who already own crypto assets plan to buy more.

Kraken Managing Director of Australia Jonathon Miller said that Australia is still behind the US when it comes to adopting cryptocurrency. However, the trend is reversing and Australia is fast becoming a big cryptocurrency center driven by the popularity of digital tokens among the millennials. Miller added that traditionally Australians preferred to invest in real estate. However, rising costs have made it beyond the reach of many especially young Australians who are looking for other avenues to grow their savings. Cryptocurrency remains the best bet for them.