More than 40% of Australian Gen Z and Millennials say they regret not investing in cryptocurrency a decade ago, with a new survey from Australian crypto broker Swyftx suggesting they see it as one of the biggest missed opportunities of the last 10 years.
The study, carried out by YouGov and released on Thursday, surveyed 3,009 people, finding almost half of the under-35s Checked regret missing the crypto boat.
This was followed by regrets not buying properties, and not buying shares in big tech companies like Apple and Amazon.
Part of the FOMO is likely due to the buying structure of bitcoin (BTC) and ether (Eth) by Corporations, US pension fundsaccording to SWYFTX.
In 2015, Bitcoin hovered between $172 and $465 during Tail end of a bear market. It has since gained 23,019% and is trading at $107,505 on Thursday.
Crypto is seen as a way to solve the housing crisis
A spokesperson for SWYFTX told Cointelegraph that many young people today feel locked out of the property market and believe that Crypto can offer them an opportunity to afford a home.
Australia is ranked as the sixth most expensive market for property in the world, behind Switzerland, South Korea, Luxembourg, Austria and Norway, according in Australian Property Investor Magazine.
“The housing dispute on this scale is an importance other generations have not faced and crypto is seen as an opportunity to continue.”
“A lot of younger investors want high beta assets in their portfolios, and the data we have suggests that they generally understand the asset class,” the spokesperson added.
Overall, 80% of Australians under 50 say they regret investment choices they made in the last decade.
Younger Australians are swapping crypto for stocks
The gap between younger investors who intend to buy stocks and those who want to buy crypto has also stopped since 2022.
SWYFTX CEO Jason Titman said in the report that the data suggests younger retail investors in the country will be likely to buy bitcoin as common shares in two years, but the momentum depends on the introduction of proper investor protection.
A SWYFTX spokesman said regulation in Australia and other markets was likely key to unleashing a “huge bang for the buck.”
“The data we have is consistent, and it tells us that millions more investors will enter the market once it is regulated,” the spokesperson said.
“We can now see the mix of the impact of regulatory certainty playing out in the US where you have major banks like Morgan Stanley entering the market.”
Related: Australians still feel bank ‘friction’ despite years of crypto growth
The Australian government, under the ruling centre-left Labor Party, proposed a new crypto framework that regulates exchanges Under existing financial services laws in March.
Gen Zs leading the income with crypto
Gen Z, the people born between 1996 and 2010, aged 29 and 15, have also been reported using crypto as a way to increase their income.
The age group also reported the highest income, with an average of $9,958 with 82% of investors making a profit.
Overall, 78% of Australian crypto users reported making a profit from their trading activities in the past year.
“Our Gen Z clients have longer investment horizons and we know anecdotally that they are not overly concerned about the annual volatility of Bitcoin and other crypto assets,” said a SWYFTX spokesperson.
Magazine: Cliff buys 2 houses with bitcoin mortgages: smart … or crazy?
