According to a survey by cryptocurrency exchange Kraken, around 40% of Australians born between the early 1980s and mid-1990s would rather invest in cryptocurrencies than real estate.
According to a press release shared with Forkast.News announcing the results of the survey, 22% of millennials believe that investing in cryptocurrency is a more efficient way to invest in cryptocurrency than keeping their wealth in traditional bank accounts. This compares to the aversion to crypto of 47% of the generation of baby boomers born between the mid-1940s and mid-1960s who did not invest due to concerns about its volatility.
While millennials are the generation of survey respondents most likely to prefer crypto over property at 39%, generation X (those born in the mid 1960s and early 1980s) respondents are 31% and Gen Z (late 1990s and 2010) 24% of the participants shared the same views as millennials.
Jonathon Miller, Managing Director of Kraken Australia, said in a statement:
The survey comes after the housing market boom in Australia, which saw housing prices rise the fastest in 32 years this year, and shows a correlation between home affordability and interest in crypto as a viable investment among the younger generation.