Aussie Seniors Can’t Stop Buying Cryptocurrency, Independent Reserve Study Finds

Senior man with leather jacket and senior woman with a guitar

When you hear the words ‘cryptocurrency’ and ‘investor’, you almost instantly picture a young, tech-savvy libertarian who’s grown displeased with the current monetary system. Although this stereotype was perhaps warranted many years ago, it now appears obsolete.

That’s at least according to Independent Reserve—one of Australia’s pioneering, longest-standing cryptocurrency exchange operators—which recently pulled data from its database to analyse how its users’ age demographics had changed since January 2017.

Independent Reserve’s Surprising Discovery

The results of Independent Reserve’s number-crunching clearly showed that the average age of its users had increased over recent years. Whereas the 45-and-over age bracket represented 22 per cent of all Independent Reserve users in 2017, it now accounts for 29 per cent. Put another way: nearly one in every three Independent Reserve users are at least 45 years old.

As depicted in the table below, the 18- to 24-year-old age group’s decline of 27 per cent since 2017—as a percentage of total Independent Reserve users—was the worst of all age groups, with the second worst (i.e., -16 per cent) going to those Independent Reserve users aged between 25 and 34. Whilst this age group remains Independent Reserve’s most popular, its lead has more than halved since 2017 to just seven percentage points.

In addition to the steadily increasing average age of its customers, Independent Reserve has seen older age groups’ trading activity rise dramatically in recent times. As highlighted in a press release shared with Nugget’s News, Independent Reserve—which boasts over 100,000 Australian and New Zealander users and services roughly 8,000 self-managed super funds—reported that from January through September of this year, the trading activity among its users aged 65 and over doubled.

Why Are More Seniors Stacking Sats?

Independent Reserve founder and chief executive Adrian Przelozny attributed this surprising generational shift to the fact it has continued to get easier for investors to confidently gain exposure to the burgeoning cryptocurrency asset class.

“Now that regulators are actively involved in the crypto space, confidence levels are starting to rise,” Przelozny was quoted as saying. “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.”

Przelozny—who founded the Sydney-headquartered cryptocurrency exchange in June 2013—also pointed to Independent Reserve’s first-of-its-kind insurance policy as another potential reason behind the growing participation by older Australian and New Zealander investors.

Rolled out in early 2019, Independent Reserve’s insurance offering—which is underwritten by world-leading insurance giant Lloyd’s—covers the value of cryptocurrency held in its storage facilities. “This insures our users against theft or loss of any cryptocurrency that is held in an Independent Reserve trading account,” Przelozny explained.
The publication of Independent Reserve’s data-driven insights come more than a month after it shared a highly popular report on Australia’s most crypto-crazed suburbs.

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