Young Australians Reflect on Missed Chance with Bitcoin at $400

Over 40% of young Australians from Generation Z and Millennials regret not having invested in cryptocurrency ten years ago, according to a recent survey by Australian crypto broker Swyftx. This significant sentiment marks one of the largest missed opportunities observed over the last decade.

The survey, conducted by YouGov and involving 3,009 respondents, indicated that nearly half of those under 35 regretted not engaging with the crypto market. This sentiment was second only to regrets about failing to purchase property and shares in major tech firms like Apple and Amazon.

The fear of missing out (FOMO) likely stems from widespread institutional buying of Bitcoin (BTC) and Ethereum (ETH) by corporations and pension funds in the United States, according to Swyftx.

Swyftx Survey Image source: Swyftx

In 2015, Bitcoin’s price fluctuated between $172 and $465, representing the tail end of a bear market. Since then, it has surged by 23,019%, now trading at approximately $107,505.

Crypto as a Solution to Housing Issues

A spokesperson from Swyftx expressed that many young people feel excluded from the property market and believe that crypto could have provided them with an avenue to homeownership. Currently, Australia ranks as the sixth most expensive property market globally, following Switzerland, South Korea, Luxembourg, Austria, and Norway.

“The large scale of housing unaffordability is something earlier generations did not encounter, and crypto is perceived as an opportunity to advance.”

“A significant number of younger investors are looking for high-risk assets in their portfolios, and preliminary data shows they generally comprehend the asset class well,” the spokesperson added.

Overall, 80% of Australians below 50 reported wishing they had made different investment decisions over the past decade.

Younger Australians Turning to Crypto Instead of Stocks

The divide between younger investors intending to buy stocks and those leaning towards crypto has narrowed since last year. Jason Titman, CEO of Swyftx, noted that data indicates younger retail investors are likely to invest in Bitcoin and stocks equally within the next two years, although progress will hinge on the introduction of adequate investor protections and regulations.

The Swyftx spokesperson indicated that regulation in Australia and beyond could trigger an influx of investments.

“Our data consistently shows that millions more investors will enter the market once it’s regulated.”

“The positive effect of regulatory certainty is already noticeable in the U.S., where large banks like Morgan Stanley are joining the fray.”

Australia’s government, under its current centre-left Labor Party, proposed a comprehensive crypto regulatory framework for exchanges earlier this year, aiming to integrate them with existing financial service laws.

Gen Z Supplementing Incomes through Crypto

Individuals from Generation Z (aged 15 to 29) are also utilizing cryptocurrency as a means to enhance their earnings. This group has reported the highest average profits, totaling around $9,958 among the 82% who have profited.

Remarkably, 78% of Australian crypto traders claimed to have seen gains from their activities over the past year, in part due to new record highs in the market.

“Our Gen Z clients have longer investment timelines and, from anecdotal evidence, seem less concerned about the volatility associated with Bitcoin and other crypto assets.”