No one can deny the sheer popularity that the cryptocurrency industry has experienced over the last decade. The industry has managed to turn investors into millionaires in a relatively short amount of time, whether it be through the flagship cryptocurrency, Bitcoin (BTC), the world’s biggest altcoin by market cap, Ethereum (ETH), or perhaps even a ‘joke’ cryptocurrency like Dogecoin (DOGE). Whatever the case may be and however one’s portfolio may be diversified, the fact remains that people have become very rich thanks to cryptocurrency.
However, not everyone seems to agree with this sentiment, and interestingly enough, it is the older generation that has voiced concerns about the long-term stability of cryptocurrency and the seemingly questionable morality surrounding its mainstream adoption and usage. While these ‘boomers’ may constantly be worrying about the abnormal amounts of volatility, many millennials, on the other hand, are busy at work pouring money into the crypto industry and managing to earn massive gains from it.
To this end, it had been observed that 1 in every 5 Australians tend to think that cryptocurrency may, in fact, be the answer to homeownership and have also claimed that the more traditional ways of earning and saving money are increasingly becoming outdated.
Kraken conducts survey
Thanks to a survey conducted by popular crypto exchange Kraken, it had been discovered that more and more young Australians are slowly moving away from the traditional and perhaps ‘too conservative’ investment and saving options. This result came at a time when global confidence in cash and cash-based savings has been steadily decreasing.
It had therefore been revealed that just over 20% of the Australians that had taken part in the survey firmly believe that cryptocurrency investments are more accessible as well as promise higher returns. Investing in crypto was also said to be a much easier way of saving up for a deposit on one’s mortgage rather than using a traditional bank account to store fiat currency.
Demand for crypto in Australia increases
Jonathan Miller, the Managing Director for Kraken’s Australian Branch, had stated that while it is true that the country is not as big as the United States when it comes to adoption in a mainstream sense, Australia has nevertheless been growing rapidly as a cryptocurrency market, thanks to the rising demand from the aforementioned millennials. The older generation may still hesitate to take part in the cryptocurrency industry, as real estate and property remain the popular choice for baby boomers.
Lastly, Miller also emphasized that an increase in education on crypto-related subjects is greatly needed as over 50% of the Australian population still believes that Tesla CEO Elon Musk had been the one that invented Bitcoin.