BTC Markets, an Australian cryptocurrency exchange, has seen a significant increase in older clients who have used its platform over the last financial year.
According to data from one of Australia’s oldest and most prominent exchanges, more Australians consider crypto assets viable investments. BTC Markets, which was founded in 2013, reported a 15% rise in the number 65+ investors in its annual Investor Report. They are also the group that makes the largest deposits.
The platform now has 5% of its estimated 325,000 customers who are Baby Boomers. They are defined as people born between 1946-1964.
Caroline Bowler, CEO of BTC Markets, stated that “young men traders have relinquished monopoly over crypto,” since the boomer growth figure was second to the 18-24 age group.
Over half of the exchange’s customers over 44 are investors and have more money to invest. According to the platform, the average initial deposit for a customer over 65 was US $3,200, with a crypto portfolio size of approximately $3,700.
Bowler said that boomers are turning to alternative investments like crypto assets because of low interest rates.
These Baby Boomers often reach a point in their lives where they have built substantial wealth and assets, and are experienced in investing in financial markets. They don’t worry about allocating a small portion of their portfolio to cryptocurrencies.
The generation Z group of traders aged 18-24 had smaller portfolios and initial deposits than their senior counterparts.
To find out the motivations of clients investing in crypto, the exchange interviewed 1,800 people. It found that 34% of the surveyed clients were looking for early retirement, 28% portfolio diversification and 23% fear missing out (FOMO).
Related:17% of Australians own crypto now, totaling $8B between them
Bowler spoke to Bloomberg Crypto on September 15th, saying that the company has been considering the Singaporean model for embracing the community and the regulatory challenges facing the crypto industry.
28% of Australians stated that regulation in Australia is their biggest challenge. This is because financial advisors are not permitted to advise investors on crypto asset investment, which would help mitigate risk.
. @CaroBowler is the head of Australia’s largest digital currency exchange BTC Markets. She discusses regulatory oversight. She speaks with @HaidiLun and @SheryAhnNews on some stereotype-breaking toplines from inaugural ‘BTC Markets Investor Report’ https://t.co/zUv9uXyy4z pic.twitter.com/V22Vyecaq0
— Bloomberg Crypto (@crypto), September 15, 2021