- A recent survey from Kiwi exchange Easy Crypto and Protocol Theory has shown 20% of Australians already invest in digital currencies.
- The survey also revealed that Australians are strongly considering crypto as an alternative to real estate, which has become exorbitantly expensive for the average investor.
- Australians also believe that crypto offers lower barriers to entry and greater financial freedom than property.
- However, survey respondents argued that crypto needed greater onboarding and education to achieve widespread adoption.
If you’ve tried to buy a house in an Australian capital city in the last five years, you know how difficult it can be. The median house price in Sydney is an absurd $1.6m, while Melbourne’s has ticked over $1m (according to Domain).
Although property is still a powerful financial tool Down Under, the barrier to entry is becoming higher and higher. It’s not hard to see why Aussies might be looking at other ways to invest their money than locking themselves into a 30-year mortgage.
And one of the prime movers in this space is Bitcoin.
Related: Australian Spot Bitcoin ETFs See Steady Inflow, While US Funds Struggle
Crypto More Accessible and Equitable than Real Estate, Survey Says
A recent survey conducted by Easy Crypto in conjunction with Protocol Theory uncovered that Aussies are looking to crypto as an alternative asset.
There are several key reasons why digital currency is shooting up the rankings of popular investments, according to the survey.
One in three respondents were interested in crypto as an asset due to distrust of banking – something particularly pertinent in Australia given the prominence of the “Big Four” banks.
Additionally, Gen Z and Millennials believe that crypto’s ideals of decentralisation promote financial freedom and equality far better than property does.
One of the most appealing aspects of crypto is the minimum investment requirement – Aussies can get started on a trusted local exchange for as little as a few bucks. Compare that to real estate, where a deposit will usually set you back in the tens of thousands. 64% of those surveyed said they could afford investing in crypto, compared to less than a quarter who could afford property.
Adoption Among Australians Shows Nation as Leaders in Crypto Space
Overall, the survey affirmed the trend of Australians embracing digital assets. The nation has traditionally enjoyed disproportionately high ownership rates – far greater than the global average of 6.8%.
According to the Protocol Theory questionnaire, nearly 33% of Aussie adults have either owned or are considering owning digital currencies.
Related: Cardano Founder Charles Hoskinson Says He’ll Build a Decentralised Social Network, Following Brazil’s Ban of X
The survey results did raise a couple of roadblocks for crypto to overcome Down Under though, with 70% of respondents stating that education clarity needs to be improved.
Nevertheless, the momentum of Australians rejecting real estate for crypto is becoming significant for both industries.
For many Australians, the dream of home ownership is at odds with their current economic reality. At the same time, crypto is seen as more mainstream – including by institutional investors.
Janine Grainger, CEO of Easy Crypto
Source:
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