Australian crypto exchange BTC Markets has reported an important increase in older clients that have begun using the platform over the past financial year.
An increased number of older Australians are beginning to see crypto assets as a form of viable investments with BTC Markets showing an increase of 15% when it comes to investors over the age of 65. Furthermore, this group is also the one that makes the largest deposits.
Baby Boomers are now representing 5% of the total users of the platform. Currently, BTC Markets has around 325,000 customers.
Caroline Bowler, the CEO of BTC Markets, declared that “young male traders have relinquished their monopoly on crypto.”
Over a quarter of the customers of the exchange are older than 44, and usually, this means that they also have more money to invest. Users over the age of 65 had the highest average initial deposit of US $3,200 with an average crypto portfolio size of $3,700.
“These Baby Boomers are often at a time in their lives when they have accumulated significant wealth and assets and have many years of experience investing in financial markets. They are not worried about allocating a small percentage of their portfolios to cryptocurrencies,” added Bowler.
The exchange analyzed 1,800 clients. 34% of the surveyed ones are looking for early retirement, 28% want portfolio diversification, and 23% got involved as a result of FOMO.
Source: CoinTelegraph.com