Over 40% of Australian Gen Z and Millennials state they regret not investing in cryptocurrency a decade ago, with a new survey from Australian crypto broker Swyftx indicating they perceive it as one of the most significant missed opportunities of the past 10 years.
The study, conducted by YouGov and released on Thursday, surveyed 3,009 individuals. It found that nearly half of those under 35 surveyed expressed regret about missing out on the cryptocurrency market.
This sentiment was followed by regret over not purchasing property and not investing in shares of major technology companies such as Apple and Amazon.
Part of this "fear of missing out" (FOMO) is likely attributable to the substantial acquisitions of Bitcoin (BTC) and Ether (ETH) by corporations, sovereign entities, and US pension funds, according to Swyftx.
In 2015, Bitcoin's price fluctuated between $172 and $465 during the latter part of a bear market. Since then, it has experienced a 23,019% increase and was trading at $107,505 on Thursday.
Crypto Seen as a Solution to the Housing Crisis
A spokesperson for Swyftx informed Cointelegraph that many younger individuals now feel excluded from the property market and believe that cryptocurrency could have provided them with the means to afford a home.
Australia is recognized as the sixth most expensive property market globally, ranking behind Switzerland, South Korea, Luxembourg, Austria, and Norway, according to Australian Property Investor Magazine.
“Housing unaffordability at this scale is a predicament other generations didn’t face and crypto is seen as an opportunity to get ahead.”
The spokesperson further commented, “A lot of younger investors want high beta assets in their portfolios, and the data we have indicates they generally understand the asset class pretty well.”
Overall, 80% of Australians under the age of 50 reported regretting their investment choices over the past decade.
Younger Australians Favoring Crypto Over Stocks
The disparity between younger investors who intend to purchase stocks and those who prefer to buy cryptocurrency has halved since 2022.
Swyftx CEO Jason Titman stated in the report that the data suggests younger retail investors in Australia will be just as likely to buy Bitcoin as traditional shares within two years. However, this momentum is contingent on the implementation of adequate investor protections.
The Swyftx spokesperson indicated that regulation in Australia and other markets would likely be crucial in triggering a significant surge in investment.
“The data we have is consistent, and it tells us that millions more investors will enter the market when it is regulated,” the spokesperson said.
“We can already see the halo effect of regulatory certainty playing out in the US where you have major banks like Morgan Stanley entering the market.”
Australia’s government, led by its center-left Labor Party, proposed a new crypto framework in March that would regulate exchanges under existing financial services laws.
Gen Z Supplementing Income with Crypto
Gen Z, individuals born between 1996 and 2010 (currently aged between 15 and 29), have also reported using cryptocurrency as a means to supplement their incomes.
This age group also reported the highest profits, with an average of $9,958 among the 82% of investors who achieved 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 anecdotally we know that they’re not overly concerned about the annualized volatility of Bitcoin and other crypto assets,” the Swyftx spokesperson stated.