Who's driving the crypto interest in Australia?

06/09/2021

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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