New Survey Finds 40% of Australian Millennials Trust Crypto as an Investment
A recent survey by US-based crypto exchange Kraken shows a growing interest in cryptocurrencies among younger Australians. The report revealed that many millennials are losing faith in traditional investment platforms and are increasingly considering digital assets. Roughly one in four respondents attributed their newfound interest in crypto to the declining returns on conventional savings and investment accounts.
The study found that 22% of Australians would prefer to use crypto to save for a mortgage rather than rely on bank services. Among millennials—those born in the 1980s and 1990s—40% view crypto as a better investment opportunity than buying property.
However, the shift in sentiment is not confined to millennials. Thirty-one percent of Generation X respondents (born from the mid-1960s to early 1980s) and about 25% of Gen Z participants expressed similar views. Older Australians remain more skeptical: half of the Baby Boomer group said they have not invested in crypto, citing concerns about asset volatility.
The report also indicates that crypto adoption in Australia still has room to grow. Among those who already hold crypto, 85% said they plan to continue investing. These figures are encouraging given that 20% of survey respondents have owned crypto at some point, and 14% currently hold crypto assets.
Jonathon Miller, managing director of Kraken Australia, said the current growth in the country is largely driven by millennials. He noted that many young Australians are hesitant to invest in property because prices are prohibitively high. Miller expects broader receptivity to digital asset investing across the population but emphasizes that education about crypto remains a pressing need.
Interest from institutional and high-net-worth investors is also on the rise. Monochrome Asset Management, which offers a growth fund with Bitcoin exposure for large investors, has seen a surge in inquiries from wealthy groups in Australia, according to CEO Jeff Yew.
Yew told Stockhead that regulatory uncertainty has slowed institutional adoption in Australia. He said Monochrome aims to bridge that gap and help increase crypto acceptance in the country. These developments come as the Australian government conducts a Senate inquiry to gather input on the best approach to regulating cryptocurrencies.