More than a fifth of Australians believe investing in cryptocurrency is an easier way to save for a mortgage deposit than a bank account or traditional savings method, according to new research from Kraken.
In fact, 23 per cent of those surveyed said their interest in crypto follows a concern that the value of money in traditional savings, or cash, is decreasing.
The survey shows more young Australians are becoming discouraged by the usual investment options, with 39 per cent of Millennials saying crypto was a good alternative to buying an investment property, 31 per cent of Gen Z and 24 per cent of Gen X.
Of the Australians surveyed, one in five either currently or have previously owned crypto (19 per cent), while 14 per cent currently have a cryptocurrency portfolio.
Kraken Managing Director, Australia, Jonathon Miller said the research shows that although Australia may lag behind the US in terms of adoption, there is clearly a big market for crypto as an investment opportunity and it is a market on the rise.
“Australians still maintain some conservative attitudes toward investment. Property has been a cultural norm and high on the wishlist for most investors, but as affordability continues to be an issue, we’re seeing more young people look for other options to grow wealth,” Mr Miller said.
“It’s these younger Australians who are changing the dynamic and with more education we expect the broader market to come around to the idea of investing in cryptocurrency.”