The Australian crypto exchange BTC Markets has seen a significant increase in the number of returning customers who use its platform in the past fiscal year.
A growing number of senior Australians are seeing crypto assets as a viable investment, according to data from one of the country’s oldest and largest exchanges. In its annual Investor Report, BTC Markets – which began in 2013 – reported a 15% increase in the number of investors over 65. They are also the group that makes the most money.
Baby boomers born between 1946 and 1964 now make up 5% of the platform’s estimated 325,000 customers.
Caroline Bowler, CEO of BTC Markets, stated that “young male traders have given up their monopoly on cryptocurrencies” as the second highest explosive growth figure after ages 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 reports that over 65 demographics have an average first deposit of $ 3,200 and an average crypto portfolio size of $ 3,700.
Bowler added that low interest rates are the main reason boomers are looking for alternative investments like crypto assets before adding:
“These baby boomers often find themselves at a time when they have amassed considerable wealth and fortune and have years of experience investing in the financial markets. They don’t worry about using a small percentage of their portfolio on crypto. “
Younger Generation Z traders, ages 18-24, have much smaller initial deposits and portfolios, roughly a quarter of their premium counterparts.
The exchange surveyed 1,800 customers to determine their motivation to invest in cryptocurrencies. It found that 34% of respondents were aiming for early retirement, 28% are diversifying their portfolios, and 23% are afraid of missing out (FOMO).
Related: 17% of Australians now own cryptocurrencies with a total value of $ 8 billion
Speaking to Bloomberg Crypto on Sept. 15, Bowler said the company is considering the Singapore model of community adoption as well as the regulatory challenges facing the crypto industry.
She said 28 percent of Australians say one of the biggest challenges they face is the lack of local regulations. This has a strong impact as financial advisors are not allowed to advise on crypto asset investments, which helps investors reduce risk.
.@CaroBowler, Head of Australia’s largest digital asset exchange, BTC Markets, discusses the introduction of regulatory oversight.
– Bloomberg crypto (@crypto) September 15, 2021