A new study shows a surge in interest in crypto among New Zealanders, with nearly half of them looking to crypto to build wealth instead of real estate.
The research, conducted by Protocol Theory and Easy Crypto, suggests many Kiwis are turning to crypto due to frustrations with traditional financial systems.
Over a third of investors indicated they’re drawn to crypto because it cuts out banks and other institutions. They view these as roadblocks to their financial goals.
The survey results also showed that most people believe they can invest in crypto a bit at a time.
On the other hand, only a small portion feel the same about real estate. This highlights the idea that crypto is seen as more accessible than real estate, due to the high costs associated with getting into the property market.
“For many Kiwis, the dream of home ownership is becoming increasingly unattainable,” said Janine Grainger, CEO at 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.”
Survey Reveals Soaring Interest Among New Zealanders Despite Knowledge Gaps
New Zealand is seeing a boom in crypto use, with ownership reaching a record high. Of over 1,000 respondents, 14% now or previously owned crypto, up from 10% in 2022. Meanwhile, 45% said they’re considering investing in the future.
For many, the aspiration of owning a home in New Zealand clashes with their present economic circumstances. Concurrently, cryptocurrency is gaining wider acceptance, even among institutional investors.
Despite the surge in interest, 72% of those who haven’t invested yet say they’re confused and unsure where to begin.
Difficulty understanding the information (67%) and lack of reliable guidance (67%) were the main roadblocks, and interestingly, even existing investors reported facing these same issues.
This suggests a need for clearer information and better education around cryptocurrency to bridge the gap between interest and investment.
Notably, half of those surveyed want regulations on how crypto providers operate.
New Zealand Government to Revamp Crypto Regulations
In April, NZ’s Commerce and Consumer Affairs Minister called for a revamp of regulations and support for the industry’s development.
Andrew Bayly voiced apprehension regarding the slow uptake of crypto, urging government assistance in nurturing the sector and establishing suitable regulations.
The Reserve Bank is also exploring a central bank digital currency (CBDC). This suggests that New Zealand is taking a comprehensive approach to digital assets, looking to foster innovation while managing risks.
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