A report published by the cryptocurrency exchange Kraken shows that two-fifths of Australian millennials prefer to invest in cryptocurrency assets over real estate. The survey shows that a number of Australians are losing faith in traditional assets like gold, stocks, and real estate.

Kraken’s Australia Managing Director: ‘Young Aussies Look for Other Options to Grow Wealth’

A survey conducted by the San Francisco crypto exchange Kraken indicates that 40% of millennials believe investing in digital assets like bitcoin (BTC) will end up turning into long-term gains. In fact, Kraken’s survey shows that nearly 40% of millennial respondents think digital currencies are an alternative investment to real estate.

The study also showed that 22% of millennial Australians (born between the early ’80s and mid-’90s) think that investing in digital assets is a better way to save funds than storing wealth with bank accounts. Close to 50% of the baby boomer (born between the mid-’40s and mid-’60s) crowd surveyed said they did not invest in crypto and they cited the crypto economy’s volatility.

31% of Gen X survey participants (born between the mid-’60s and early ’80s) believe digital asset investments supersede purchasing real estate in importance. 24% of the Gen Z respondents (born between the late ’90s and 2010) also feel that crypto assets are a better investment than commercial or retail property investments.

Jonathon Miller, Kraken’s Australia-based managing director, details that Australian crypto adoption is growing at a rapid pace. Much of the crypto demand in the country stems from millennials and younger generations.

“Australians still maintain some conservative attitudes toward investment,” Miller detailed in the report. “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.”

Miller has a positive outlook on the financial transitions in the Asia-Pacific (APAC) region and thinks that younger Aussies are the driving force when it comes to crypto adoption.

“We’re confident that as more investors look to diversify their portfolios and seek investment opportunities outside of the traditional offerings we’ll see cryptocurrency come into its own in APAC,” Miller concluded.