1 in 5 Australians believe crypto is the secret to homeownership as faith in traditional savings dwindles
22% of Australians believe investing in cryptocurrency is an easier way to save for a mortgage deposit than a bank account or traditional savings method, according to new research from Kraken.
In fact, 23% of those surveyed said their interest in crypto follows a concern that the value of money in traditional savings, or cash, is decreasing.
The survey shows more young Australians are becoming discouraged by the usual investment options, with 39% of Millennials saying crypto was a good alternative to buying an investment property, 31% of Gen Z and 24% of Gen X.
Of the Australians surveyed, one in five either currently or have previously owned crypto (19%), while 14% currently have a cryptocurrency portfolio.
Kraken Managing Director, Australia, Jonathon Miller said the research shows that although Australia may lag behind the US in terms of adoption, there is clearly a big market for crypto as an investment opportunity and it is a market on the rise.
“Australians still maintain some conservative attitudes toward investment. Property has been a cultural norm and high on the wishlist for most investors, but as affordability continues to be an issue, we’re seeing more young people look for other options to grow wealth,” said Miller.
“It’s these younger Australians who are changing the dynamic and with more education we expect the broader market to come around to the idea of investing in cryptocurrency. APAC is a region that is mobile-first and it makes sense that we would be a big adopter of digital assets and cryptocurrency.”
Through Kraken’s mobile app, investors who have never purchased cryptocurrency or have only just started investing, are able to easily and securely buy and sell cryptocurrency from their phones.
For the 21% of Australians planning to buy cryptocurrency in the next 12 months, and 84% who currently own crypto with a plan to buy more, Kraken allows them to expand their knowledge and make safe and informed investment choices.
While 47% of Baby Boomers said they haven’t invested yet because the asset is too volatile, for younger Australians it’s only a matter of time, with the majority of those 18-35 saying they hadn’t invested yet because they didn’t have the funds (39%) or didn’t know how (29%).
“There’s still work to be done in helping Australians learn more and discover cryptocurrency, but these survey results are very exciting for Kraken and for the future of digital assets in Australia. 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,” said Miller.