Australian cryptocurrency exchange BTC Markets has seen a significant increase in older customers using their platform in the past fiscal year.
According to data from one of the oldest and largest exchanges in the country, more and more senior Australians are viewing crypto assets as viable investments. In its annual investor report, BTC Markets – which began in 2013 – reported a 15% increase in the number of investors over 65. This also makes them the group that makes the largest deposits.
Baby boomers born between 1946 and 1964 now make up 5% of the platform’s estimated 325,000 customer base.
Caroline Bowler, CEO of BTC Markets, announced that “young male traders have given up their monopoly on crypto” as the boomer growth number was the second highest after the age group 18-24.
More than a quarter of the stock exchange’s customers are investors over the age of 44 and have more money to invest. The platform reported that the demographic group over 65 had the highest average first deposit of $ 3,200 and an average crypto portfolio size of $ 3,700.
Bowler added that low interest rates are a key factor in making boomers look to alternative investments like crypto assets before adding:
“These baby boomers often find themselves at a stage in their lives where they have amassed significant fortunes and fortunes and have years of experience investing in the financial markets. They don’t worry about allocating a small percentage of their portfolios to cryptocurrencies. “
Younger Generation Z traders aged 18 to 24 had much smaller initial deposits and portfolios, roughly a quarter of their older counterparts.
The exchange surveyed 1,800 customers to determine their motives for investing in crypto. It found that 34% of respondents were aiming for early retirement, 28% for portfolio diversification, and 23% for fear of missing out (FOMO).
Related: 17% of Australians now own crypto, totaling $ 8 billion
Speaking to Bloomberg Crypto on Sept. 15, Bowler said the company had explored the Singaporean model of community involvement as well as the regulatory challenges facing the crypto industry.
She said 28% of Australians said one of the biggest challenges they face is the lack of regulation in the field. This has a consequential effect as financial advisors are not allowed to offer advice on crypto asset investments, which would help investors reduce risk.
. @ CaroBowler, head of Australia’s largest digital asset exchange, BTC Markets, discusses the introduction of regulatory oversight.
She talks to @HaidiLun and @SheryAhnNews about some stereotype-breaking toplines from the first “BTC Markets Investor Report” https://t.co/zUv9uXyy4z pic.twitter.com/V22Vyecaq0
– Bloomberg Crypto (@crypto) September 15, 2021