Young males no longer make up the majority of cryptocurrency investors, with older Australians and women investing large amounts, according to BTC Markets.
BTC Markets' Investor Report FY20-21 showed almost one in four crypto investors are over the age of 44.
Older Australians were found to have larger initial deposits, bigger portfolios, and higher average investments. However, they trade half as frequently as younger investors.
"Australians aged over 60 are seriously developing investment strategies for their post-work years as they approach retirement. A low interest rate environment is a key factor behind them seeking investment opportunities in alternative assets like cryptocurrency," BTC Markets chief executive Caroline Bowler said.
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"These Baby Boomers are often at a time in their lives when they have accumulated significant wealth and assets and have many years of experience investing in financial markets. They are not worried about allocating a small percentage of their portfolios to cryptocurrencies."
Meanwhile, there was 172% growth in female investors compared to males at 79%.
Female investors traded twice daily on average compared to men at five times and deposited on average $2381 initially compared to males at $2060.
The trading frequency suggested that women have a structured trading strategy with a range of focused positions.
"More women trading cryptocurrency dispels misconceptions around cryptocurrency investors being risk lovers. This is because behavioural finance studies have found women to be more risk averse in their investment decisions than men," Bowler said.
BTC Markets saw the biggest increase in investors within 18 to 24-year-olds (24%) followed by investors over 60 years (15%), 44 to 59-year-olds (12%) and 25 to 43-year-olds (8%).
In addition, the largest motivation for crypto investment was to build wealth (70%) followed by looking to retire early (34%) and portfolio diversification (28%).