A recent survey shows that 40% of Australian millennials trust crypto as an investment option
Research by the US crypto exchange company Kraken found that young Australians are subscribing to the idea of cryptocurrency. The report also revealed that millennials don’t trust traditional investment platforms as much as people in the past. Around one in four who took part in the survey attributed their newfound love for crypto to the falling value of money on conventional savings platforms.
The study showed that 22% of Australians would rather use crypto to save on a mortgage than avail themselves of the services of a bank. 40% of Millennials (born between the 80s and 90s) think crypto is a better investment option compared to buying a property.
The change of heart towards crypto isn’t just limited to millennials, however. 31% of those born between the mid-60s and early 80s (Gen X) and about 25% of Gen Z participants expressed similar views. The older Australian population, on the other hand, remains firm in its strong opinion of cryptocurrencies. Half of baby boomers responded to the survey that they don’t need to make crypto investments just yet, as crypto assets tend to be volatile.
Research also showed that crypto growth among Aussies has not yet peaked, with 85% of respondents who are already invested in crypto saying they are willing to keep investing. These are promising numbers when you consider that 20% of survey respondents have ever owned cryptocurrencies and 14% of them are currently active owners.
Jonathon Miller, the company’s executive director in Australia, stated that the country’s current growth has been largely driven by millennials. The young Aussies cannot venture into real estate investments due to their expensive nature. He went on to say that he expects many Australians to become more receptive to the idea of investing in digital assets, but even so, crypto education is still desperately needed.
Speaking of growth, interest in monochrome asset management is rising. The growth fund, which provides Bitcoin exposure to large investors, has now received inquiries from the large wealthy groups in Australia, according to its CEO Jeff Yew.
Yew also told Stockhead that institutions in the country are lagging behind in introducing crypto due to unclear regulations. He stated that Monochrome intends to fill that void and lead the country towards increased adoption of cryptocurrencies. All of this is happening while the Australian government is trying to back crypto with a Senate investigation that receives suggestions on how best to regulate crypto in the country.