Data shows surge in older Australians investing in cryptocurrency

ABC NEWS (Australia)

Cryptocurrency trading is viewed as a younger person's pursuit, but a growing number of baby boomers are dabbling in bitcoin. Australian retirees have traditionally invested in shares or property - now many are being lured by reports of crypto's bigger returns. But it's not without risk.

Transcript

00:00Terry and Justine Sanders may not look like your typical cryptocurrency investors,

00:07but the Brisbane retirees have made big gains from Bitcoin.

00:11It's going to make a huge difference to our life,

00:14and also one of the other great joys, we were able to help our children and grandchildren.

00:19A recent industry survey of 2,000 Australians found about a third own cryptocurrency,

00:25and baby boomers are the fastest growing demographic.

00:28Most people of our age, we don't tell that we're doing crypto,

00:32because the few we told, they thought we had absolute rocks in our heads.

00:36Sydelle Sierra coaches would-be investors, including Terry and Justine Sanders.

00:41She says a third of her clients are over the age of 60.

00:44We're seeing a little bit of FOMO, they want in, they see the gains,

00:48and if they've come from traditional markets,

00:50often the percent returns in crypto are quite extraordinary compared to traditional markets.

00:57But with extraordinary growth comes extraordinary risk.

01:01Cryptocurrencies are highly volatile,

01:03and the Australian Federal Police say victims lost $170 million to crypto scams in 2023.

01:10A lack of cyber security literacy can make seniors vulnerable.

01:14If they don't think that they have adequate balance in their superannuation or for retirement,

01:20then they might fall victim to scammers who are offering really high returns.

01:25You might get lucky, but you might also lose a lot of money very fast.

01:28Terry Sanders says there are steps you can take to protect your investment.

01:32We felt pretty confident that the nasty guys couldn't get to us,

01:37whereas a lot of people have come to grief because they haven't taken proper precautions.

01:44They don't think that they should make things be better than the side of the consumer.

01:46So let's go ahead and take a few notes of the consumer.

01:48The johnny girl has a new repack or the business model.

01:50I love her.

01:52I love her.

01:54I love him for my happiness, but I love him for you.

01:56There's a lot of people who say I feel like he's in this fashion.

01:59I love him for the business model.

02:02I love him for my life.

02:04I love him for my life.

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