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Kiwis turn to crypto over home ownership for financial freedom

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Kiwis turn to crypto over home ownership for financial freedom

New research conducted by Protocol Theory, in collaboration with New Zealand’s largest cryptocurrency exchange Easy Crypto, reveals an increasing interest among Kiwis in cryptocurrencies as an alternative means to achieve financial freedom and veer away from the traditional dream of home ownership. According to the findings, nearly half of New Zealanders have either invested in cryptocurrencies or are considering doing so in the future.

The survey highlighted that approximately 50% of New Zealanders either already own cryptocurrency, have previously owned it, or are exploring future investments in this digital asset class. This uptick in interest aligns with the growing disenchantment with conventional financial systems, as 33% of investors reported that the appeal of cryptocurrency lies in minimizing profits for banks and companies. Many respondents identified banks and governments as the primary obstacles to their financial freedom.

Additionally, 60% of those surveyed believe they could incrementally invest small amounts in cryptocurrency, compared to just 16% who think the same about real estate. This sentiment underscores the perceived accessibility of crypto investments relative to the high barriers to entry in the real estate market.

“For many Kiwis, the dream of home ownership is becoming increasingly unattainable,” said Janine Grainger, Co-Founder and CEO of Easy Crypto. “With younger generations facing financial challenges unless they inherit wealth, and older generations looking to bolster their retirement, cryptocurrency is gaining cross-generational appeal.”

The data showed considerable openness to alternative investments. Only 20% of respondents considered government-insured investments as the only safe option, indicating a growing willingness to explore other financial avenues. Interestingly, 26% of Kiwis agreed that crypto enables greater economic equality, surpassing the 23% who felt the same about property investments.

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The adoption rate of cryptocurrency in New Zealand is at an all-time high. Of over 1,000 respondents, 14% reported owning or having owned cryptocurrency, an increase from the 10% reported by New Zealand’s Financial Markets Authority in 2022. When including those considering future investments, the adoption rate jumps to 45%, suggesting that Kiwis are early adopters in the global context of crypto uptake.

Despite the rising interest in cryptocurrencies, the industry faces significant barriers to broader adoption. Grainger noted that while digital currencies address many traditional financial system challenges, significant gaps persist between the intent to invest and the actual investment actions. A significant 72% of those who have yet to invest in crypto find the process confusing and challenging to navigate.

The report also reveals that 67% of respondents find cryptocurrency information difficult to understand and feel unsure about whom to consult for guidance. This sentiment was echoed by existing investors, who cited similar barriers. Furthermore, half of the respondents supported the need for regulatory frameworks governing cryptocurrency providers’ operations to foster an environment of ethical and trustworthy practices.

Grainger emphasised the need for the crypto industry to enhance its focus on education and building trust. “To close the gap between recognising crypto as a future financial solution and taking action, we need to simplify the investment process and make it more accessible. This includes offering stablecoins that provide a stable entry into the digital marketplace and user-friendly wallets tailored for beginners.”

She also advocated for a user-centred approach, promoting straightforward communication and enhanced security. “The industry must prioritise investor motivation, opportunity, and trust. By doing so, we can ensure a smoother onramp and greater participation from the general public.”

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Grainger concluded that the future of cryptocurrency hinges on demystifying the investment process, equipping users with the necessary tools and resources, and elevating security measures to protect their investments. Only by tackling these crucial areas can the cryptocurrency industry pave the way for broader adoption and mainstream acceptance.

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Crypto

Binance survey reveals how well Ghania understands cryptocurrency (and it does, very well

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Binance survey reveals how well Ghania understands cryptocurrency (and it does, very well
When considering cryptocurrency, do you think of rare metals like gold and silver? Or is your first thought of a digital currency that relies on cryptography? Well, in a recent survey undertaken by Binance in Ghana, it turns out that 50% of the respondents are very much aware of the fact that it is the latter .
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Brazil's biggest bank opens investment app to crypto trades

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Brazil's biggest bank opens investment app to crypto trades

Brazil’s largest bank has opened up cryptocurrency trading to all users of its investment platform, allowing them to sell Bitcoin and Ethereum directly.

Guto Antunes, the chief executive of Itau Unibanco, said the decision came after a series of surveys and discussions with clients that showed a strong support for cryptocurrency financial products. A key point, Antunes said, is that Itau Unibanco developed the transaction infrastructure and virtual crypto wallets itself, rather than outsource it.

Itau’s latest report notes that its trading app has more than 3.5 million downloads. Antunues noted that there is significant appetite for crypto trading among its customer base but a regulatory risk assessment from Brazilian officials must clear the way first, both for cryptocurrency as well as stablecoins.

Itau Unibanco is a new but aggressive player in the crypto market, getting involved in late 2023 with concierge services to select customers. The launch of its Ion trading app signals a broader intent to compete in global cryptocurrency exchanges such as MB, BTG, Mynt, and Binance.

Featured image via Ideogram

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Majority of Top 20 Cryptocurrencies Experience Double-Digit Losses: What’s Behind the Crypto Bloodbath?

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Majority of Top 20 Cryptocurrencies Experience Double-Digit Losses: What’s Behind the Crypto Bloodbath?

Bitcoin is down slightly, many altcoins have seen major losses and the largest cryptocurrency continues to face rejections at the $70k level. While Bitcoin and Ethereum experienced losses of 5-7%, many altcoins bled double digits. BNB, Solana, and Dogecoin saw losses ranging from 12-15%. Shiba Inu, Avalanche, Polkadot, Chainlink and NEAR Protocol also suffered double digit losses. 

The Consumer Price Index (CPI) report is coming out, which historically influences crypto markets. Anticipation of this report may be causing some market hesitation. The Federal Open Market Committee (FOMC) meeting is also taking place, with a summary of economic projections being discussed. 

Although no rate changes will be announced, this meeting still impacts market sentiment. Officials are expected to keep interest rates steady regardless. However, the new inflation figures might influence their predictions on the number of rate cuts for the year, as policymakers can revise their forecasts based on this data.

Despite the downturn, institutions and companies are still interested in crypto, influenced by the success of Bitcoin spot ETFs. This interest extends to all major cryptocurrencies, including Ethereum and other blue chips.

What to expect from Bitcoin price?

When discussing Bitcoin’s price, analyst Crypto Rus noted that before Bitcoin surged from $1,000 to $20,000 in 2017, there was a period of choppiness and consolidation, similar to the current 15-week period. He suggested that once a breakout occurs, significant upward movement could follow, potentially reaching $300,000 to $400,000.

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He said that despite ETH recently dropping from $3,900 to $3,500, it is forming a bull flag. With Ethereum ETFs on the horizon, significant investment is expected, which could drive ETH prices higher. The influx of liquidity will benefit not just ETH but the entire market.

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