Baby Boomers have become the fastest-growing group of cryptocurrency investors in Australia.
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According to the Independent Reserve Cryptocurrency Index (IRCI), the number of Baby Boomers investing in digital currencies has quadrupled since 2019.
Almost a third (31 per cent) of Australian adults own cryptocurrency, the index shows.
Over-65s represent 8.2 per cent of Australians who own cryptocurrency, but that number has risen from two per cent in the last five years.
But the largest group of cryptocurrency investors is 25 to 34-year-olds with 52.9 per cent of holdings.
Seventy per cent of crypto investors hold Bitcoin, the Index found.
Baby Boomers are particularly vulnerable to scammers as they generally have less digital knowledge than younger generations.
Cryptocurrency is unregulated and, as such, considered a 'high-risk' investment.
The boomer surge is partly attributed to recent retirees reassessing their investments.
The IRCI is an annual cross-sectional survey of more than 2,000 Australians.
Carla Mascarenhas
Carla Mascarenhas is a journalist with Explore Travel and The Senior. She specialises in deep issues affecting Gen X and beyond, and the latest in travel news. Contact her on carla.mascarenhas@austcommunitymedia.com.au
