As the older Australian generation stays skeptical of crypto, an overwhelmingly large percentage of millennials prefer crypto over the traditional investing/saving methods.
Love for Crypto is Growing in Australia
In a survey done by the crypto currency exchange Kraken, it found that 25% of Australians surveyed believe that crypto is a better store of money than cash. Following the same logic, 22% of those surveyed believe that crypto is a better way to save for home ownership than depositing their money in a bank. This would make sense though, if 25% believe that crypto is a better store of money then holding cash.
What is even more astounding, is 40% of those surveyed who were born between the early 1980s and the mid-to-late-1990s believe that crypto assets are a great alternative investment to owning property. Of the Australians born between the mid-1960s to early 1980s, 31% agreed that crypto assets are as good or better than real estate investments. For Australians born between the late 1990s and 2010, 24% agreed with the sentiment.
Jonathan Miller, the Australian managing director for Kraken, said that “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.”
Significance for Crypto Markets
The significance of the findings that the survey has brought to light are tremendous. The high number of those believing that crypto is as good as or even a better asset in comparison to real estate is groundbreaking for the crypto industry. As more Australians become aware and educated on crypto, it may soon lead to a flood in the crypto market with new Australian investors looking to diversify their portfolios.
However, what is really mind blowing is the high number of people that perceive crypto to be such a strong investment. 32% of people believe crypto not only is a good investment, but that it rivals investing in property ownership. It seems as if Australia is ready to make their way into the crypto world.
What is Kraken?
Kraken is a San Francisco based crypto currency exchange. Kraken allows for the trading of prominent crypto’s such as Ethereum, Bitcoin and a plethora of DeFi tokens. In 2021 the company acquired Bit Trade, a long-time Australian crypto service provider, expanding its operations to the continent.
Source : bsc.news
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