There’s a Bitcoin boom among Baby Boomers, reports BTC Markets

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Australian cryptocurrency exchange BTC Markets has observed significant growth in older customers using its platform over the past financial year.

Older Australians view crypto assets as a viable investment, according to data given by 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. The report also indicates that they are the group that makes the largest deposits.

Baby Boomers, who are classified as those born between 1946 and 1964, now put together 5% of the platform’s estimated 325,000 customers.

Caroline Bowler, CEO of BTC Markets, proclaimed that “young male traders have given up their monopoly on crypto,” as the growing figure was the second highest after the age of 18 to 24.

More than a quarter of the exchange’s customers are investors over the age of 44, and they have more money to invest. The platform reported that the over-65-year-old demographic had the highest average initial deposit of $ 3,200 and an average crypto portfolio of $ 3,700.

Bowler added that low interest rates are a key factor behind boomers looking at alternative investments, such as cryptocurrencies, before adding:

“These baby boomers are often in their lifetime when they have amassed significant wealth and assets and have many years of experience investing in financial markets. They don’t care about allocating a small percentage of their portfolios to cryptocurrencies.”

Younger traders in the Generation Z category aged 18 to 24 had much smaller initial deposits and portfolios, about a quarter of their senior colleagues.

The exchange surveyed 1800 customers to ascertain their motives for investing in crypto. It found that 34% of respondents are looking for early retirement, 28% portfolio diversification and 23% are afraid of losing (FOMO).

Related: 17% of Australians now own a crypto, a total of $ 8B between them

Speaking to Bloomberg Crypto on Wednesday, Bowler said the company was looking at the Singapore model to encompass the community as well as the regulatory challenges for the crypto industry.

She said 28% of Australians said one of the biggest challenges they face is the lack of regulation locally. This is effective because financial advisors are not allowed to advise on crypto investing, which would help investors mitigate risk.



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