PHOTO: Aussie are turning to cryptocurrencies as a legitimate option to fund their housing dreams. Source: istock
An increasing number of Millennials are choosing cryptocurrency over traditional savings methods in a bid to get into the runaway property market.
One financial expert, however, said investors should enter the asset class at their own risk.
According to new research by Kraken, a San Fransisco-based digital asset exchange, 22 per cent of Australians believe investing in cryptocurrency is an easier way to hit their deposit goals than leaving their savings in a bank earning record low interest.
“I think a large percentage of young people are feeling – especially in the context of this growth we’ve been seeing in property – that it’s become such a hard market to crack,” said Jonathon Miller, Kraken’s Australian managing director.
“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,” Mr Miller said.
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