<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Baby Boomers are now the fastest growing demographic investing in </span><a href="http://www.9news.com.au/cryptocurrency" rel="" target="" title="cryptocurrency"><span>cryptocurrency</span></a><span> but should be mindful of "cryptoscams", an expert has warned.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>According to the latest </span><a href="https://www.independentreserve.com/blog/news/australian-independent-reserve-cryptocurrency-index-irci-2025" rel="" target="" title="Independent Reserve Cryptocurrency Index"><span>Independent Reserve Cryptocurrency Index</span></a><span>, the number of seniors investing in digital currencies has quadrupled since 2019.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But as a demographic known to be targeted by scammers, Baby Boomer investors need to "do their homework", founder of Digital Wealth Group Sydel Sierra said.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/western-australia-two-new-public-holidays-when-are-they/11caa855-dcd5-43c6-baae-461cd0dbe189" target="_blank"><strong><span>One Aussie state looks to add two new public holidays</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Baby Boomers aren't the largest group of investors but they are the fastest growing," Sierra said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Five years ago, they were probably still working."</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/baby-boomers-fastest-growing-demographic-investing-in-cryptocurrency-at-risk-of-scams-personal-finance-news/d689a031-c777-4d74-8550-69d7501a07eb" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Almost a third (31 per cent) of Australian adults own cryptocurrency, the index shows.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The largest group of cryptocurrency investors is 25- to 34-year-olds, at 52.9 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Over-65s represent just 8.2 per cent, but that number has risen from 2 per cent in the last five years.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"My advice to seniors is do your homework, and if you're feeling overwhelmed, don't give up, just seek some help from a trusted source, be that a relative, such as an adult child who might've introduced you to crypto, or a professional consultant," Sierra said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/new-controls-for-cryptocurrency-atms/0a0a2cde-d4aa-42e7-a655-2ba44c792d08" rel="" target="" title="Older Australians are losing millions of dollars every year to scammers, authorities say"><strong><span>Older Australians are losing millions of dollars every year to scammers, authorities say</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>According to a University of Queensland study, more than $170 million was lost by Australians to cryptoscams in 2023 alone.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>More than a third of those studied admitted to being "influenced" by content online and more than 60 per cent said their first exposure to cryptocurrency was on social media.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I would never advise a first timer, whether they're a senior or anyone else, to dabble in high-risk meme coins.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"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."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>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.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple App Store</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a><strong><em><span>.</span></em></strong></div></div>