Research has revealed that one in five Australians believe that crypto is the key to homeownership as confidence in traditional savings dwindles.
The survey, conducted by cryptocurrency exchange Kraken, found that an increasing number of young Australians are becoming disheartened by traditional investment options. Almost one quarter of those surveyed expressed concern that the value of money in traditional cash savings is decreasing.
The study found that 22% of the Australians surveyed believe investing in cryptocurrency is an easier way to save for a mortgage deposit than storing fiat in a bank account or other traditional savings methods.
Nearly 40% of Millennials — respondents born between the early 1980s and the mid-to-late-1990s — said that crypto assets are a sound alternative to buying an investment property. Further, 31% of Generation X participants — Australians born between the mid-1960s to early 1980s — also believe crypto assets are better investments than real estate, while only 24% of Generation Z respondents — those born between the late 1990s and 2010 — echoed this sentiment.
Almost half of the baby boomers surveyed — those born between the mid-1940s and mid-1960s — have not invested in crypto, citing volatility concerns.