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Who's driving the crypto interest in Australia?

Australians are typically known to 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, younger folk are looking for ...

Jay Sharma

10 minutes

Australians are typically known to 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, younger folk are looking for other options to grow wealth –such as cryptocurrencies.

Declining Interests in traditional Investment Instruments

An increasing number of Australians are losing confidence in traditional investment options such as real estate, gold, and others. Close to 25 percent of those surveyed by cryptocurrency exchange Kraken expressed concern over the reducing value of money in traditional cash savings.

Votes of Confidence in Crypto

The study showed that 22% of Australians would rather use crypto to save for a mortgage rather than employ the services of a bank. 40% of millennials (born between the 80s and 90s) consider crypto a better investment option as compared to purchasing a property.

The change of heart towards crypto, however, hasn’t been limited to just millennials. 31% of those born between the mid-60s and the early 80s (Gen X) and about 25% of Gen Z participants expressed similar sentiments. The older Aussie population, on the other hand, remain firm in their strong opinions against cryptocurrencies. Half of the baby boomers responded to the survey saying that they are yet to take up any kind of crypto investments because crypto-assets tend to show volatility.

The Trend of Crypto Growth in Australia

The research also indicated that the growth of crypto among Aussies is yet to peak, with 85% of the respondents who are already invested in crypto indicating a willingness to invest further. These are promising numbers considering that 20% of the survey participants have ever owned crypto, with 14% of them being currently active owners.

The current growth seen in the country has been primarily driven by millennials. The young Aussies are unable to venture into property investments due to their expensive nature. More Australians are expected to open up to the idea of investing in digital assets but even so, crypto education is still much needed.

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Written By

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Jay Sharma

Jay is a seasoned crypto entrepreneur and technology innovator. As the Founder and CEO of Botsfolio, he has been at the forefront of the blockchain revolution since 2017. His practical experience extends to the technical nuances of crypto mining, having successfully built and managed a substantial GPU mining operation. Jay developed a groundbreaking decentralised application for fractional real estate NFTs. This innovative project garnered significant recognition. Through his hands-on experience and analysis, he aims to provide valuable guidance and empower others to navigate the dynamic crypto landscape.

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The content, portfolios, and insights presented on this platform are provided for informational purposes only and do not constitute financial, investment, or trading advice. Kribx Inc. and its affiliated influencers are not registered investment advisors or broker-dealers. Cryptocurrency trading involves substantial risk and may result in the loss of capital. Users are solely responsible for their trading decisions. Past performance is not indicative of future results.

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