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22% of Australians believe crypto is the easier way to save up for a mortgage deposit

One in five of the survey participants of a recent survey says that crypto is the new key to homeownership.

Sydney Opera House At Night / Image by: Wikimedia Commons

Mon, 07 Jun 2021, 10:26 am UTC

An increasing number of Australians believe that crypto is the easier way to build one’s wealth. In fact, one in five participants of a recent survey says that crypto is the new key to homeownership.

In a survey conducted by crypto exchange Kraken, many young Australians are disappointed in traditional investment options, according to Cointelegraph. In fact, almost a quarter of the respondents are concerned that the value of money placed in traditional cash savings is actually decreasing, due to inflation and low interest rates.

A number of Australians actually believe that crypto is the way for homeownership. Kraken’s study revealed that 22 percent of the respondents believe that investing in crypto is an easier way to save for a mortgage deposit compared to storing the funds in a bank account or other traditional savings options.

Kraken’s study also confirmed the trend that millennials tend to be more accepting of digital currencies. For instance, almost 40 percent of millennials, or those born between 1981 and 1996, said that crypto is a better alternative to investing in real estate.

For comparison, only 31 percent of Generation X participants, or those born from 1965 to 1980, believe that crypto is better to property. Meanwhile, only 24 percent of Generation Z, or those born between the late 1990s and 2010, share the same view.

Meanwhile, almost half of the baby boomers, those born between the mid-1940s and mid-1960s, did not invest in digital currencies. The main reason for their reluctance is the price volatility of cryptocurrencies.

Fourteen percent of the survey participants revealed they currently own an active crypto portfolio. Eighty percent among these crypto owners also said that plan to buy more digital currencies.

“Australians still maintain some conservative attitudes toward investment,” Kraken Australia Managing Director Jonathon Miller noted. “Property has been a cultural norm and high on the wish list for most investors, but as affordability continues to be an issue, we’re seeing more young people look for other options to grow wealth.”

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