Australia’s largest crypto exchange, BTC Markets, has seen tremendous growth in the number of boomer investments on the platform. According to a report from the Australian Financial Review, the exchange has recorded a 15% spike in the number of Australian users over the age of 65 in the past year.
It appears that boomers are finally warming up to crypto assets in Australia. As per BTC Market’s recent analysis, the number of customers aged between 60 and 65 years and those above 65 has risen to 15% over the last year.
Although users above 65 years account for just 2 percent of BTC Market’s customer base, they are responsible for the largest deposits on the platform. Most retirees and pre-retirees hold over $5000 in crypto investments -- which represents only a fraction of their portfolio that’s heavily focused on bond funds.
She added that low-interest rates have helped divert boomer interest towards the burgeoning asset class.
Aside from boomers, BTC Markets has seen increased usage from investors over the age of 44 years. The age category represents a quarter of the platform’s users, who like boomers spend a considerable amount on cryptocurrencies.
In a survey of 1800 customers, BTC Markets found that 28 percent of crypto holders had entered the market to diversify their portfolios. Some 63 percent of these respondents already owned shares, while 29 percent owned an investment property.
The exchange also stumbled on a worrying trend in its analysis. Some 23 percent of the survey’s respondents indicated that they had no specific goal in mind while investing in cryptos, pointing to a fear of missing out (FOMO).
Given that other regulators around the world -- like the US Securities and Exchange Commission -- have warned investors against impulse buying, this is a concerning finding.