Nearly 40% of Australians born between the early 1980s and mid-1990s would rather invest in cryptocurrencies than real estate, according to a survey conducted by crypto exchange Kraken.

  • According to a press release sent to Forkast.News that outlines the survey’s findings, 22% of millennial Australians believe investing in cryptocurrency is a more effective way to grow their wealth than holding it in traditional bank accounts. That compares with an aversion to crypto among 47% of baby boomers — those born between the mid-1940s and mid-1960s — who haven’t invested in it due to concerns about its volatility.
  • Although millennials were the generation of survey respondents most likely to prefer cryptos over property, at 39%, 31% of generation X respondents (those born between the mid-1960s and early 1980s) and 24% of generation Z respondents (born between the late 1990s and 2010) shared their view.
  • Kraken Australia Managing Director Jonathon Miller said in the statement: “Australians still maintain some conservative attitudes toward investment … 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.”
  • The report comes amid a housing housing market boom in Australia, in which home prices have this year risen at the fastest pace in 32 years, suggesting a correlation among younger generations between housing affordability and interest in crypto as a viable investment.