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According to a research survey, 20% of Australians see cryptocurrency as the future of how to mortgage as opposed to traditional saving.
Millennials in Australia leading crypto adoption
Conducted by cryptocurrency exchange Kraken, the survey investigated how Australians across different age groups are looking at crypto and digital currencies as investment options. The results showed that young Australians in the millennial bracket are starting to lean towards looking at cryptocurrency as a better option for the future of funds, with nearly 25% seeing the value of traditional cash as a concerning method of saving. Almost 40% of millennials interviewed see cryptocurrency as a valuable alternative to buying an investment property. 31% of Generation X also see cryptocurrency as better than real estate. Only 24% of Generation Z, however, suggest the same.
According to the study, 22% of those surveyed see digital currencies like Bitcoin as a more convenient way to save for mortgage deposits than fiat or other traditional accounts and saving.
Those in the age of baby boomers, though, are concerned about the volatility of the cryptocurrency market. Nearly 50% of those born around the mid-1940s to the mid-1960s haven’t invested in cryptocurrency because of the concerns.
Kraken investigating the adoption of cryptocurrencies over property
Jonathon Miller, Kraken Australia Managing Director, noted that the country might be slightly behind the United States in cryptocurrency adoption, but the millennial demand is growing. In terms of crypto versus property, he noted:
“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. 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.”