Australian Millennial Survey Prefers Crypto Asset Investment Over Property

Survey says Australian millennials are more interested in crypto investment (Total Crypto)

JAKARTA – In the midst of the rise of crypto investment in various parts of the world. A crypto trading platform, Kraken conducted a survey on the tendencies of the younger generation to invest.

Based on a Bitcoin News report, from the survey results, Kraken revealed that a fifth of the millennial generation from the Kangaroo country chose to invest in crypto assets rather than investing in traditional assets such as gold, stocks and property.

Kraken also mentioned that Australian millennials have lost confidence in traditional assets such as stocks, gold and property.

In addition, Kraken also said that 40 percent of millennials prefer to invest in crypto assets such as Bitcoin (BTC) for long-term profits. In addition, the respondents also considered that cryptocurrency is an alternative investment besides property.

The survey also found that 22 percent of millennials born between the 1981s and the 1990s think investing in crypto is more cost-effective than keeping money in a bank. However, about 55 percent of respondents born in the mid-1940s to mid-1960s stated that they refused to invest in cryptocurrencies because of their high volatility.

Meanwhile, as many as 31 percent of Gen X (born in the mid-1960s to 1980s) believe digital assets are more important than investing in property. Meanwhile, 24 percent of Gen Z (born between the 1990s and 2010s) think that investing in crypto assets is better than investing in real estate.

Kraken Australia's Managing Director, Jonathan Miller, explained that crypto investors in Australia are experiencing rapid growth. Most of the investors come from the millennial generation.

"Australians still maintain some conservative attitudes towards investment," Miller said.

“Property has become the cultural norm and on the wish list for most investors, but as affordability continues to be an issue, we are seeing more young people looking for other options to grow wealth,” he said.

He also believes that young Australians are the main drivers of cryptocurrency adoption in the country.