Cryptocurrency users and owners are a key bloc for Labor, Jonathon Miller from the Australian arm of cryptocurrency exchange Kraken has revealed, with many Aussies turning to the digital currencies in a bid to “get ahead”.
Mr Miller, the managing director of Kraken Australia, joined Sky News’ Business Now to reveal the array of Aussies purchasing cryptocurrencies were “not necessarily the ones you would have been certain of” just half a year ago.
He said people living in suburbs, “aspirational” Aussies and “battlers looking to get ahead” were those flocking to cryptocurrencies these days.
“In the US we say ‘crypto is not for bros, it’s for everyday joes’ and I think that really stands up here in Australia as well,” Mr Miller said.
He turned to the current Federal Election and noted that, based on Kraken’s own data, those in Labor-held seats were more likely to have cryptocurrency when asked is there was “any voting group that’s more likely to hold crypto than others”.
“In the data that we’ve got – and must be caveated that it’s our own data, it’s our own clients and it’s a representative sample of our own clients – it’s certainly skewed towards people in Labor electorates,” the Kraken MD said.
“That’s what leads me to believe that there’s people out there that are in these seats that are perhaps looking to get ahead.
“Perhaps they don’t quite have their foot in the property market yet and they’re seeing crypto as an alternative investment that makes a lot of sense for them in the longer term.”
Mr Miller said both major parties had delivered “fantastic engagement” with Kraken in the lead up to the election, but noted he wanted to see discussion of the currencies take centre stage.
“I’m yet to see it hit the campaign floor on a leaders debate, but I do think that both sides of politics are engaged on this issue,” he said.
“I would like to see even more prominence and I think that matters because this is technology as well as an investment class asset.
“The technology has the capacity to transform several parts of our society and our financial system really could do with a boost.
“I think that there (are) productivity gains that technology can bring and that’s really an opportunity for the country. It should be at the forefront of our politicians’ minds.”
While many in Labor electorates flocked to cryptocurrencies to try and “get ahead”, Greens voters were less likely to seek out to cryptocurrencies than Labor voters were, according to Kraken’s analysis.
Mr Miller continued to call on whichever party wins the election to take action on cryptocurrencies and noted there was some movement in Treasury regarding legislation on the currencies.
“We’ve got some fantastically positive signs from Treasury. We believe that there’s draft legislation that will be released soon,” he said.
“We’re very much looking forward to seeing that (and) reading that. It’s been a consultative approach, but we’re still in the waiting game at the moment.”