Friday, September 17

Cryptocurrency is no longer a millennial game as older Australians invest


Cryptocurrency Older Australians increasingly see it as a legitimate investment, new data from one of the country’s largest exchanges has shown.

BTC Markets released its Annual Investor Report today, revealing that one in four of today’s crypto investors is over the age of 44.

During the last financial year, the exchange registered a growth of 15 percent in investors over 60, representing the largest increase of any age group after 18 to 24 years.
In general, older Australians are more likely to have larger initial deposits, larger portfolios, and higher average investments. (Unsplash)

BTC Markets noted that generally older Australians are more likely to have larger initial deposits, larger portfolios, and higher average investments.

Unlike younger Australians, older investors trade half as often as their millennial counterparts.

BTC Markets CEO Caroline Bowler said the data increasingly showed that cryptocurrencies are no longer the domain of tech-centric youth.

Older Australians and women are increasingly investing in cryptocurrencies. (Unsplash)

“Australians over 60 are seriously developing investment strategies for their post-work years as they approach retirement,” said Ms Bowler.

“A low interest rate environment is a key factor for them to seek investment opportunities in alternative assets such as cryptocurrencies.

“These Baby Boomers often find themselves at a time in their lives where they have accumulated significant wealth and assets and have many years of experience investing in the financial markets.

“They are not concerned with allocating a small percentage of their portfolios to cryptocurrencies.”

An advertisement for Bitcoin, one of the cryptocurrencies, is displayed on a tram in Hong Kong.
One in four of today’s crypto investors is over the age of 44. (AP)

In the last financial year, BTC Markets also saw a dramatic increase in the number of female investors, recording 172 percent year-on-year growth in new users.

In fiscal 20-21, female investors traded twice a day on average, compared to five times for males, suggesting a structured trading strategy with a smaller range of more focused positions.

Female investors also deposited larger amounts at the beginning ($ 2,381), compared to their male peers ($ 2,060).

“More women trading cryptocurrencies dispels misconceptions that crypto investors are risk-loving,” said Ms Bowler.

“This is because behavioral finance studies have found that women are more risk averse in their investment decisions than men.

“It also shows a calculated appetite for volatility that continues to be a hallmark of this asset class.”

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