A new study highlights a growing trend among New Zealanders, with nearly half of them now preferring to invest in cryptocurrency rather than real estate to build their wealth. The research, conducted by Protocol Theory and Easy Crypto, indicates that many Kiwis are drawn to crypto because they are dissatisfied with traditional financial systems.
More than a third of the surveyed investors appreciate that cryptocurrency allows them to bypass banks and other financial institutions, which they view as hindrances to their financial aspirations.
The survey also reveals that most people feel they can make small, gradual investments in cryptocurrency, unlike real estate, which requires a significant initial investment. This perception makes crypto seem more accessible compared to the expensive property market.
Janine Grainger, CEO of Easy Crypto, explained that for many New Zealanders, home ownership is becoming increasingly difficult to achieve. Younger generations face financial hurdles unless they inherit wealth, while older generations are seeking ways to enhance their retirement savings. As a result, cryptocurrency is becoming popular across different age groups.
Survey Shows Rising Interest in Crypto Despite Knowledge Gaps
New Zealand is experiencing a significant surge in crypto adoption, marking a remarkable shift in financial behavior. A recent survey revealed that out of over 1,000 respondents, 14% have either currently or previously delved into the world of cryptocurrency—an impressive increase from the 10% reported in 2022.
Moreover, a staggering 45% expressed their interest in potentially entering the crypto market in the foreseeable future, highlighting a growing curiosity and openness towards this innovative form of investment. This trend not only reflects a burgeoning interest in digital assets but also underscores a broader evolution in the financial landscape of New Zealand.
In New Zealand, the desire to own a home often clashes with current economic realities, prompting many to seek alternative investment avenues. Cryptocurrency, in particular, is gaining broader acceptance, even among institutional investors.
However, despite the increasing interest, a substantial 72% of those who have not yet delved into cryptocurrency express feelings of confusion and uncertainty about how to initiate their journey. The main hurdles cited include difficulty understanding the available information (67%) and a lack of reliable guidance (67%). Interestingly, even existing investors acknowledge grappling with these same challenges.
This underscores a pressing need for clearer, more accessible information and enhanced educational resources on cryptocurrency. Such initiatives could effectively bridge the gap between burgeoning interest and actual investment.
Moreover, half of the surveyed individuals emphasize the importance of regulations governing the operations of cryptocurrency providers, indicating a growing awareness of the need for oversight and accountability in this evolving financial landscape.
Regulating the Future: Proposals for Revamping New Zealand's Crypto Policy
In April, New Zealand’s Commerce and Consumer Affairs Minister urged for a reevaluation of regulations and bolstered support for the cryptocurrency industry.
Andrew Bayly highlighted concerns over the slow uptake of crypto and advocated for government intervention to nurture the sector and establish appropriate regulatory frameworks.
Meanwhile, the Reserve Bank is actively exploring the feasibility of a central bank digital currency (CBDC). This indicates New Zealand’s comprehensive approach to digital assets, seeking to promote innovation while prudently managing potential risks.
A recent study by Protocol Theory and Easy Crypto highlights a surge in New Zealanders’ interest in cryptocurrency, with almost half of respondents viewing it as a pathway to wealth building over traditional real estate investment. This trend reflects a growing disillusionment with conventional financial systems among Kiwis.
Cryptocurrency offers an alternative avenue for wealth accumulation, perceived as more accessible and potentially lucrative. The study suggests a significant shift in investment attitudes, driven by frustrations with the limitations of traditional financial markets. New Zealanders are increasingly drawn to the decentralized nature and potential for higher returns offered by cryptocurrency.
This preference underscores a broader global trend towards digital assets as viable investment options.
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