10 Jun

New Zealanders are increasingly turning to cryptocurrency as a wealth-building tool, according to a new study by Protocol Theory and Easy Crypto. The research suggests a significant shift in investment preferences, with nearly half of respondents (45%) indicating an interest in crypto, compared to traditional real estate.

This surge in crypto adoption appears to be fueled by frustration with the limitations of traditional financial systems. Over a third of those surveyed (37%) expressed dissatisfaction with banks and other institutions, viewing them as obstacles to achieving their financial goals. Crypto's decentralized nature, which bypasses these intermediaries, seems to be a major draw for many New Zealanders (Kiwis).

The study also highlights a growing comfort level with crypto investment.  A record 14% of respondents now own or have previously owned cryptocurrency, up from 10% in 2022. This trend is likely fueled by the perception that cryptocurrencies can be invested in gradually, making them accessible to a wider audience.

However, the study also acknowledges a potential knowledge gap. Despite the rising interest, many Kiwis may still be unfamiliar with the intricacies of the cryptocurrency market. This underscores the need for educational resources and responsible investment practices to ensure safe and informed participation in the crypto space.

Overall, the study paints a picture of a rapidly evolving investment landscape in New Zealand. Cryptocurrencies are gaining traction as a viable alternative to traditional wealth-building strategies, driven by a combination of frustration with the status quo and the perceived accessibility of crypto. As crypto adoption continues to grow, education and responsible investment practices will be crucial for ensuring a sustainable future for this dynamic asset class.

June 2024, Cryptoniteuae

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