Millennials are Open to Cryptocurrencies

A recent survey shows 40% of Australian millennials trust crypto as an investment opportunity

An investigation by US-based crypto exchange Kraken has revealed that young Australians are taking a liking to the concept of cryptocurrency. The report also revealed that millennials no longer trust traditional investment platforms as much as they did in the past. About one in four who took part in the survey attributed their newfound love of crypto to the declining value of money on the traditional savings platforms.

The study showed that 22% of Australians would rather use crypto to save for a mortgage than use the services of a bank. 40% of millennials (born between the 80s and 90s) think crypto is a better investment opportunity compared to buying a property.

However, the shift toward crypto isn’t just limited to millennials. 31% of those born between the mid-60s and early 80s (Gen X) and about 25% of Gen Z participants expressed similar feelings. The older Australian population, on the other hand, remains strongly opposed to cryptocurrencies. Half of baby boomers said in the survey that they are not yet making crypto investments because crypto assets tend to be volatile.

The study also showed that the growth of crypto among Aussies has not yet peaked. 85% of respondents who are already invested in crypto said they want to continue investing. Those are promising numbers considering that 20% of survey participants have ever owned crypto, with 14% of them currently active owners.

Jonathon Miller, the company’s managing Director in Australia, said that the current growth in the country is mainly driven by Millennials. The young Aussies do not dare to invest in real estate because it is too expensive. He went on to explain that he expects many Australians to become more receptive to the idea of investing in digital assets, but even then crypto education is still urgently needed.

Speaking of growth, monochrome asset management is seeing a surge in interest. The growth fund, which offers bitcoin exposure to large investors, has now received inquiries from the major high net worth groups in Australia, according to its CEO Jeff Yew.

Yew told Stockhead also, that institutions in the country lag behind in the adoption of cryptocurrencies due to opaque regulations. He has explained that Monochrome intends to fill this void and move the country towards increased adoption of crypto. All this is happening as the Australian government, with the help of a Senate inquiry, tries to gather ideas on how best to regulate cryptocurrencies in the country.

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