Wednesday, 09 October 2019 10:44

Older Australians investing in cryptocurrencies: claim Featured

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Adrian Przelozny: "Now that regulators are actively involved in the cryptocurrency space, confidence levels are starting to rise." Adrian Przelozny: "Now that regulators are actively involved in the cryptocurrency space, confidence levels are starting to rise." Supplied

Older Australians are getting into the cryptocurrency market, figures from the cryptocurrency exchange Independent Reserve show, with the percentage of investors aged between 45 and 54 increasing from 22% in 2017 to 29% this year.

Other older age groups also showed an increase, though not as much, with the 55-64 age group increasing from 7% to 8% and the over-65s going up from 2% to 4%.

The percentage of younger investors dropped over the period, with the 18-24 age group falling from 8% to 6% while those aged 25-34 fell from 43% to 36%. The company claims to have more than 100,000 customers all over the country.

Independent Reserve founder and chief executive Adrian Przelozny attributed the shift to the increasing ease and safety of entering the space.

“Now that regulators are actively involved in the cryptocurrency space, confidence levels are starting to rise," he said.

"Smart money can see that the industry is growing and is here to stay. Those who want to diversify their portfolios are looking at cryptocurrencies as an asset that’s typically not correlated to what’s happening in the economy, for example the property and stock market."

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Przelozny said Independent reserve was the first cryptocurrency exchange to offer insurance coverage.

"We rolled this out earlier this year," he said. "This insures our users against theft or loss of any cryptocurrency that is held in an Independent Reserve trading account.”

He said when Independent Reserve was launched in 2014, most users trading on its platform were relatively young technology adopters and libertarians.

"Now we’re steadily seeing the average age of our customers increase. The 45+ age group now accounts for almost 30% of users on our platform. In 2017, this was just 22%.”

The company's platform allows users to buy, sell and invest in bitcoin, ethereum, litecoin, ripple and other digital currencies.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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