According to a new report from the Australian Bureau of Statistics, 24% of millennials (individuals who are aged between 18 and 34 years – the age bracket most likely to have purchased a cryptocurrency) prefer to invest in cryptocurrency over real estate, while only 15% wish to invest in real estate.
According to a survey released by the firm of Roy Morgan Research, the proportion of Australians over the age of 18 that prefer to invest in cryptocurrencies and ICO’s over real estate is sixty-three per cent.
In a recent study, conducted by Ernst & Young, Australian millennials revealed that over two-fifths (43%) preferred to invest in cryptocurrencies, such as Bitcoin, over real estate (40%) and the stock market (36%).A report from cryptocurrency exchange Kraken shows that two-fifths of Australian millennials would rather invest in cryptocurrency assets than real estate. The survey shows that some Australians are losing confidence in traditional investments such as gold, shares and property.
General Manager of Kraken’s Australia Young Australians are looking for alternative ways to increase their wealth
A survey by Kraken, a San Francisco-based cryptocurrency exchange, found that 40% of millennials think investing in digital assets like bitcoin (BTC) will be profitable in the long run. In fact, Kraken’s research shows that nearly 40 percent of millennials surveyed see digital currency as an alternative to real estate investment. The survey also found that 22% of Australian millennials (born between the early 1980s and mid-1990s) think investing in digital assets is a better way to save money than storing wealth in bank accounts. Nearly 50% of baby boomers surveyed (born mid-40s to mid-60s) said they do not invest in cryptocurrencies, citing the volatility of the crypto-economy. 31% of Gen X respondents (born between the mid-1960s and early 1980s) believe that investing in digital assets is more important than buying real estate. 24% of Gen Z respondents (born between the late 1990s and 2010) also think cryptoassets are a better investment than commercial or retail real estate. Jonathon Miller, managing director of Kraken Australia, says crypto currency adoption in Australia is growing at a rapid pace. Millennials and the younger generation make up a large part of the demand for cryptocurrencies in the country. Australians are still conservative when it comes to investing, Miller wrote in his report. Real estate is the cultural norm and is on the wish list of most investors, but as housing affordability remains an issue, we are seeing more and more young people looking for other ways to increase their wealth. Miller is positive about the financial transformation of the Asia-Pacific (APAC) region and believes young Australians are a driving force in the adoption of cryptocurrencies. We believe we will see cryptocurrencies gain popularity in the APAC region as more investors diversify their portfolios and look for investment opportunities outside of traditional offerings, Miller concluded. What do you think about the fact that Australian millennials would rather invest in crypto assets than real estate? Let us know what you think in the comments below.
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APAC, Australians, Australia, Australian millionaires, Bitcoin, BTC, ETH, Ethereum, gold, Jonathon Miller, Kraken, survey, real estate, San Francisco Crypto Exchange, stocks, survey, traditional investing Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The latest Global Wealth Report from the Credit Suisse Research Institute has revealed a worrying trend among millennials in Australia. 80% of the young people polled said that they would rather invest in digital assets, like cryptocurrency, than property. This is a direct move away from the property market, which has seen prices continue to rise, leaving many Australians feeling that they may never be able to afford to own their own home.. Read more about bolton tackles tesla over worthless’ bitcoin and let us know what you think.
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