Aussie boomers have become more familiar with crypto-asset investment, according to BTC Markets, an Australian cryptocurrency exchange.
In the last year, the country’s largest crypto exchange, Bitcoin Markets, has seen an increase in users. This is due to the fact that the platform is being used by an increasing number of older clients.
According to data from one of the country’s largest exchanges, more senior citizens consider cryptocurrency to be a good investment. In an annual investor report, BTC Markets reported that investors over the age of 65 increased by 15%. Their group also makes the most deposits, according to the report.
Baby Boomers are defined as investors who were born between 1946 and 1964. These investors account for about 5% of the platform’s estimated 325,000 customers.
Young male crypto traders have designated their crypto monopoly, according to Caroline Bowler, CEO of BTC Markets. Since the age range of 18-24, the boomer’s growth value has risen to the second highest.
Over a quarter of investors on the exchange are over 44 years old, indicating that they are in better financial shape. According to a platform report, those over the age of 65 have the highest average initial deposit. The amount is $3,200, and their cryptocurrency portfolio is worth $3,700 on average.
Interest Rates on Cryptocurrencies Have Dropped
Low interest rates, according to Bowler, are driving boomers’ search for investment alternatives such as cryptocurrency assets. He went on to say that the Baby Boomers are mostly people who have amassed substantial assets and wealth.
As a result, they have years of financial market investing experience and can easily allocate a small portion of their wealth to cryptos.
Younger traders between the ages of 18 and 24 make up the Generation Z group, which has smaller portfolios and initial deposits. Theirs are only a quarter of the size of their senior colleagues’.
The Australian crypto exchange polled about 1,800 customers to find out why they wanted to invest in cryptocurrency. According to the findings, 34% of these people want to retire early and 23% have FOMO (fear of missing out). The remaining 28% want to diversify their investments.
Bowler stated on Wednesday that the exchange has been considering the Singaporean model of embracing the community and dealing with regulatory challenges in the cryptocurrency industry while speaking to us.
She stated that lack of local regulation was one of the biggest challenges for 28 percent of Australian citizens. This has a negative impact because financial advisors are prohibited from advising on the purchase of digital assets. This would have aided risk mitigation for investors.