Australian cryptocurrency exchange BTC Markets has observed that in the past financial year, the number of regular customers using its platform has increased significantly.
According to data provided by one of the country’s oldest and largest exchanges, more and more senior Australians see crypto assets as viable investments. In its annual investor report, the BTC Markets report, which began in 2013, stated that the number of investors over 65 years old has increased by 15%. They are also the group with the most deposits.
Caroline Bowler, CEO of BTC Markets, declared that “young male traders have given up their monopoly on cryptocurrency” because the growth of baby boomers is the second highest after the 18-24 age group.
More than a quarter of the exchange’s customers are investors over 44 years old, and they have more money to invest. The platform reported that the average initial deposit of people over 65 was the highest at $3,200, and the average crypto portfolio size was $3,700.
Bowler added that low interest rates are a key factor for baby boomers seeking alternative investments such as crypto assets, and then added:
“These baby boomers tend to accumulate a lot of wealth and assets in their lifetimes and have years of financial market investment experience. They are not worried about allocating a small portion of their investment portfolio to cryptocurrencies.”
Young Gen Z traders between the ages of 18 and 24 have much smaller initial deposits and investment portfolios, about a quarter of those of experienced traders.
The exchange surveyed 1,800 customers to determine their motivations for investing in cryptocurrencies. It found that 34% of respondents are seeking early retirement, 28% have a diversified portfolio, and 23% are afraid of missing out (FOMO).
In an interview with Bloomberg Cryptocurrency on September 15, Bowler said that the company has been studying Singapore’s model of embracing the community and the regulatory challenges facing the crypto industry.
She said that 28% of Australians said that one of the biggest challenges they face is the lack of local supervision. This will have a knock-on effect, because financial advisers are not allowed to advise on crypto asset investments, which will help investors reduce risk.
.@Carlo BowlerThe head of BTC Markets, Australia’s largest digital asset exchange, discussed the adoption of regulation.
-Bloomberg Encryption (@crypto) September 15, 2021