Bitcoin and other major cryptocurrencies including ethereum have suddenly rocketed
Share this @internewscast.com
Baby Boomers are increasingly turning to cryptocurrency investment, making them the fastest-growing group in this area. However, they should be cautious about potential “cryptoscams,” according to an expert.

This generation, often targeted by scammers, is advised by Sydel Sierra, founder of Digital Wealth Group, to thoroughly research before investing.

Bitcoin and other major cryptocurrencies including ethereum have suddenly rocketed
The number of seniors investing in cryptocurrency has quadrupled since 2019.(REUTERS / Dado Ruvic)

“Baby Boomers aren’t the largest group of investors but they are the fastest growing,” Sierra said.

“A lot of them have only just hit retirement, and that has been the catalyst for a lot of them to reassess where their money is invested.

“Five years ago, they were probably still working.”

Almost a third (31 per cent) of Australian adults own cryptocurrency, the index shows.

The largest group of cryptocurrency investors is 25- to 34-year-olds, at 52.9 per cent.

Over-65s represent just 8.2 per cent, but that number has risen from 2 per cent in the last five years.

Sierra advises seniors, “Do your homework, and if it becomes overwhelming, don’t hesitate to ask for help from a reliable source, whether it be a family member like an adult child who introduced you to crypto, or a professional advisor.”

According to a University of Queensland study, more than $170 million was lost by Australians to cryptoscams in 2023 alone.

The research showed that over a third of participants admitted to being influenced by online content, and more than 60 percent encountered cryptocurrency for the first time on social media.

“There’s nothing wrong with reading about crypto on Facebook or Instagram but it’s important people don’t see a single tweet or TikTok video and decide to ‘bet the farm’ on a random coin,” Sierra said.

“You can always ‘play it safe’ when you first start trading and invest a modest amount in the more reputable coins like Bitcoin, which has still doubled in value in the past 12 months – at least until you feel confident.

“I would never advise a first timer, whether they’re a senior or anyone else, to dabble in high-risk meme coins.

“My number one recommendation is always maintain custody of your (crypto) keys and wallet – anyone who says they’ll manage your money for you, is a huge red flag.”

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

Share this @internewscast.com
You May Also Like

U.S. Strike Targets Suspected Drug-Smuggling Vessel in Pacific, Leaving Two Dead

The United States military carried out a lethal strike on a boat…

Lidia Thorpe Submits NT Attorney-General to Corruption Watchdog Over Alleged Court Interference

Senator Lidia Thorpe has filed a report with the NT Independent Commission…
British royals' historic Pope prayer is welcome Epstein scandal respite

British Royals Seek Solace in Historic Papal Prayer Amid Epstein Scandal Turmoil

Britain‘s King Charles III and Queen Camilla have prayed with Pope Leo…
People queue outside the ABC Bullion store at Martin Place, Sydney October 22, 2025.

Australian Gold Rush Turns to Bust: Prices Plummet After Record-Breaking Queues

In recent weeks, and particularly this Monday and Tuesday, people have been…

Uncovering the Truth: How a Single Bone is Rewriting Australia’s Megafauna Extinction Story

A decades-old theory that First Nations peoples hunted Australia’s megafauna to extinction…
British ex-soldier acquitted of Bloody Sunday massacre murder

Former British Soldier Cleared of Murder Charges in Bloody Sunday Case

A former British paratrooper who was the only soldier ever charged in…
Millions in the firing line of record-breaking heat

Unprecedented Heat Wave Puts Millions at Risk

Queensland is currently experiencing a severe heatwave, prompting authorities to urge residents…

Louvre Security Lapses Blamed for Daring Jewelry Heist, Says Museum Director

The Louvre’s cameras failed to detect burglars in time to prevent their…
US military kills two people in strike on suspected drug boat in Pacific

US Military Conducts Lethal Strike on Suspected Drug Vessel in Pacific, Two Killed

The United States military executed its eighth operation against a suspected drug-trafficking…

Australia Deploys ADF Liaison Officer to Support US-Led Gaza Peace Taskforce Initiative

An official from the Australian Defence Force (ADF) will be sent to…
COVID-19 vaccine cancer study mrna

Groundbreaking Study Reveals mRNA COVID-19 Vaccine Potentially Extends Lifespan for Cancer Patients

COVID-19 mRNA vaccines could help cancer patients live longer by helping the…

US Targets Russian Oil Firms with Sanctions as Trump Voices Unease Over Putin Summit

US President Donald Trump has slapped major sanctions on Russia’s two largest…