Age counts in the crypto ranks

Is cryptocurrency entering the investing mainstream? With more than one million owners across the country holding roughly $21.6 billion worth of assets, there’s certainly a case to be made that it is.

The latest research from Roy Morgan found that the likes of Bitcoin, Ethereum and Ripple are now part of the investment mix for 5% of Australians over the age of 18, with investors holding $20,000 worth of cryptocurrency on average.

The research also confirmed that the ranks of the crypto curious tend to be younger and male – 59% are under the age of 35 and 69% are men. However, one of the most interesting revelations was the size of the portfolios being amassed by older investors.

“Cryptocurrency investors aged 50-plus have an average investment of around $56,200 compared to only $2600 for those aged 18 to 24. This means older Australians aged 50-plus hold total cryptocurrency investments valued at $7.6 billion – more than 12 times as much as the $630 million held by those aged 18 to 24,” says Michele Levine, CEO of Roy Morgan Research.

The findings align with insights released by Australian cryptocurrency exchange BTC Markets, which revealed that middle-aged and older investors made up the largest inflow of new users to its platform in 2021.

Caroline Bowler, chief executive of BTC Markets, says that while the reasons behind the increase in interest from older Australians vary, they’re not being driven by a fear of missing out.

“The primary reason we found in our research was wealth generation, because people are looking to achieve better returns than they see elsewhere.”

“But ultimately the attraction is the same as it is for younger investors. People understand that the blockchain economy is part of the next wave of the internet and they want to get a piece of that.”