Step aside kids, Boomers are buying crypto

By Stephan Roth on Thursday 11 August 2022

Alternative LendingDigital BankingCrypto

60 per cent of over 65's want to see mainstream adoption of cryptocurrencies.

Step aside kids, Boomers are buying crypto
Image source: Petr Kozyakov/Mercuryo.

 

The share of crypto users aged 55 and over has increased by more than two-thirds since the start of the year, suggests global payments platform Mercuryo. 

Although the narrative around crypto has focused on piquing millennial and Gen Z interest, cohorts aged 55 and older have grown their stake in crypto by 67 per cent. 

In a survey conducted with over 1,500 participants from the UK and US, Mercuryo found that 27 per cent of customers above  65 years old hold crypto. 

Among that group, two-thirds are reported to have no crypto holdings but are planning on adding them to their portfolios in the future. 

On the whole, 59 per cent of respondents want to see mainstream crypto adoption. 

"It may surprise some to learn that the share of +55 crypto holders is increasing, particularly those who view it as a young person's game," said Petr Kozyakov, the chief executive officer at Mercuryo said. 

Since the start of the year, London-based Mercuryo has recorded a 52 per cent rise in its wallet users, a trend indicative of the wider crypto market in the UK. 

According to crypto compliance firm Chainalysis, the UK ranks first in Western Europe for crypto transactions and research from the HMRC in July indicates that one-in-ten UK adults have held or are currently holding crypto. 

According to Kozyakov, a key driving force behind the adoption is increasingly louder calls for crypto regulation, with two-thirds of Mercuryo's British customers wishing to see "crypto become more regulated". 

Regulation is "something that is of particular importance among older people," said Kozyakov, noting that an effective regulatory framework would "unleash" the potential of the crypto sector and greater adoption. 

The past weeks have proven to be significant for the expansion of the UK's crypto regulatory frameworks. 

Last month, the UK Treasury unveiled plans to regulate stablecoins as part of the new Financial Services and Markets Bill which would see stablecoins brought into the remit of regulators. 

Last week, the Crypto and Digital Assets All Party Parliamentary Group (APPG),  announced that it is looking to undertake an inquiry into the UK's crypto sector. 

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