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Australian Cryptocurrency Exchange Grows Among Veterans Who See Bitcoin As A Legitimate Investment

By on September 19, 2021 0


According to the Australian cryptocurrency exchange, BTC Markets, Australian baby boomers have become familiar with investing in cryptoassets.

The country’s largest crypto exchange, Bitcoin Markets, has seen an increase in user numbers over the past year. This is due to the increased number of older customers using the platform.

Following data from one of the country’s largest exchanges, more and more older citizens are seeing crypto assets as a good investment. BTC Markets, in an annual report to investors, recorded that investors over 65 rose 15%. The report also shows that their group is making the biggest deposits.

Related reading | Investors look to Bitcoin in Turkey as the pound’s value falls

They classified the baby boomers as investors born between 1946 and 1964. These investors represent 5% of the platform’s clientele, estimated at 325,000.

Caroline Bowler, CEO of BTC Markets, said young male crypto traders have designated their crypto monopoly. Since the growth value of baby boomers after the age group of 18 to 24 has become the 2sd upper.

Crypto market is still facing a decline of over 1% | Source: Crypto Total Market Cap on TradingView.com

More than a quarter of investors using the stock exchange are over 44 years old; they are more financially supportive. A report from the platform shows that the average initial deposit of people over 65 is the highest. The value is $ 3,200 and their average cryptocurrency wallet size is $ 3,700.

Lower cryptocurrency interest rates

Bowler explained that the key factor supporting baby boomers’ search for investment alternatives like cryptocurrency assets is low interest rates. He added that baby boomers are mostly people who have gained significant assets and wealth.

Therefore, they already have years of experience investing in the financial markets and can easily allocate a small portion of their wealth to cryptos.

In the other class of Gen Z, young traders between the ages of 18-24 have smaller portfolios and initial deposits. They represent a quarter of what their senior counterparts own.

The Australian crypto exchange surveyed around 1,800 clients to determine their goal of investing their funds in crypto. The result shows that 34% of these people seek early retirement, 23% have FOMO (fear of missing out). The remaining 28% want to diversify their portfolio.

Related reading | SEC too “understaffed” to properly regulate crypto, Chairman Gary Gensler

While speaking to Bloomberg Crypto on Wednesday, Bowler said the exchange had considered the Singapore model of embracing the community and dealing with regulatory challenges for the cryptocurrency industry.

She reported that 28% of Australian citizens confirmed that the lack of local regulations was one of their biggest challenges. This has a negative effect as financial advisers are not allowed to give advice on investing in digital assets. This would have helped investors mitigate the risk.

Featured image from Forkast, chart from TradingView.com