A growing number of millennials prefer cryptocurrency to real estate, according to a poll completed on 3,065 millennials. The poll was carried out by Get Living, a UK based developer. The survey indicated that 21% of UK millennials prefer cryptocurrency to real estate.
Millennials Prefer Cryptocurrency
75% of those polled indicated that there were better investment options than real estate. This idea is certainly bolstered by the boom in the cryptocurrency industry and how it is breaking apart traditional investment norms. The financial market is being tokenized, there are new fundraising methods, the lending model is being redesigned, and fiat money is slowly being rendered obsolete as a medium of exchange.
57% of those polled indicated that property was a “high risk” investment. Bitcoin is seen as a better investment than real estate by 21%, despite its volatility. Additionally, it seems that those who bought houses told their renting counterparts to stay put –
“What we found was a picture of caution around property investment, optimism around incomes and an openness to flexible working that is a real departure from previous generations… As house prices in the capital begin to fall, our poll of 3,065 21 to 35-year-olds showed that a high proportion of those who bought homes have advised their renting counterparts to stay where they are”.
The Demise of Home Ownership
Blockchain technology is also restructuring home ownership. The sharing economy is arguably one of blockchains best applications. The vast majority of the products and assets that are owned by individuals are not fully utilized. Take the example of two young professionals in London who commute to work every day, paying an expensive mortgage. The expensive house could be used for the 12 hours that it is lying idle, as could multiple assets. People with the appropriate permissions would be let in through blockchain enabled smart locks.
The poll findings are increasingly relevant. The traditional investment strategy was and still is, to get a property at all costs. Home ownership is often cited as an important step in climbing the socio-economic ladder. But a new mentality is emerging among certain factions of millennials. A 40-year mortgage is viewed as more of a prison sentence than a path to financial freedom, especially in the UK where prices are sky high. With the option to work remotely, travel the world and invest in cryptocurrencies, the “house at all costs mentality” is being left behind.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.