For much of the past decade, the crypto industry has marketed itself around a familiar image: young, risk-tolerant users chasing upside in volatile markets.
But according to Konstantins Vasilenko, co-founder and chief business development officer at Paybis, that narrative is increasingly outdated.
Internal research from Paybis suggests that the fastest-growing segment of crypto beginners is not Gen Z or millennials, but users aged 65 and above.
And while their motivations and behavior differ sharply from early crypto adopters, their arrival could reshape how exchanges design products, manage risk disclosures, and define long-term business models.
Older Beginners Are Risk-Averse — But Not Unsophisticated
“Contrary to the popular belief that crypto assets attract younger users who are risk-tolerant and ready to experiment, our internal research across 900+ users revealed that the largest ‘Beginners’ age segment is users who are 65+,” Vasilenko told CCN.
What stands out is not recklessness, but caution.
According to Vasilenko, “The data shows that beginners behave similarly regardless of age. Beginners are naturally more risk-averse, with 68% stating that they prefer low-risk strategies, and they are characterized by repeated tests of small-ticket transactions.”
However, the similarity in behavior masks an important difference. “While behavioural patterns are similar, confidence thresholds differ, particularly among older users.”
That gap in confidence has direct implications for product design. “The fact that Paybis attracts an older crypto beginner cohort indicates that the exchange interface is straightforward.” But clarity alone is not enough.
“Product design for this profile has to feel more like a conservative banking app than a trading venue,” Vasilenko explains. “The platform needs to clearly indicate in plain words how much you’re sending, how much the recipient will receive, and what the fees are. There should be no surprises and no unnecessary jargon included in the process.”
Crypto as Infrastructure, Not Speculation
One of the most persistent assumptions in crypto is that older users approach digital assets primarily as speculative investments. Paybis data tells a more nuanced story.
“Preference for physical cards and small transactions primarily tells us that beginners like to use what is familiar to them, and that they prefer to test the functionality, outcomes, fees, and other unknown factors before making larger ticket investments.”
Yet when users were asked how they actually save, the answers surprised even industry insiders.
“Nearly a third said the cryptocurrency ‘buy and hold’, second after bank deposits (58%) and above pension funds (18%).” At the same time, “19% of users choose crypto as a payment method.”
To Vasilenko, this signals a broader shift. “These figures reflect our broader beginner cohort, including a significant share of older users. The results are a good indicator that crypto is increasingly being used as an alternative to traditional banking services.”
For exchanges, that changes everything. “For exchanges, this shifts the business model in the direction of infrastructure. You make money on ramps, on cross-border payouts, and on card spending. And you keep users by making sure everything works every time they try to move money.”
Where Older Users Get Stuck: Clarity, Not Compliance
When onboarding breaks down for users aged 55 and above, the problem is rarely a lack of financial literacy. Instead, it is uncertainty about the process.
“The biggest issue is that older beginners often don’t understand what’s happening during a transaction. They can’t picture the process, and when you can’t picture it, everything feels risky.”
Some of that anxiety is unavoidable. “Some of this friction is regulatory. KYC and verification requirements catch users off guard. Many underestimate how much compliance is required, and suddenly they’re uploading ID documents and waiting for manual approval. To them, that feels like something went wrong.”
But much of the damage is self-inflicted. “The rest is pure design: confusing layouts, fees that appear at the last second, card declines with no real explanation.”
For older users, trust is fragile. “These are the things that scare off older users who came in expecting their bank’s level of clarity.”
The upside, Vasilenko notes, is that “these are design problems, not regulatory inevitabilities, meaning they can be fixed.”
Regulated Crypto Is Where Mainstream Growth Is Headed
As older users enter crypto, their expectations are reshaping demand away from self-custody and toward regulated services.
“Almost certainly,” Vasilenko says when asked if this demographic shift favors bank-linked platforms. “Early crypto adopters wanted to be their own bank and were willing to deal with the complexity that came with it.”
That mindset no longer dominates. “The older users entering the market now have a completely different reason for being here. They’re frustrated with traditional banking and want something that works better, but they still expect it to feel familiar and come with regulatory oversight.”
Trust data backs this up. “Our internal trust surveys consistently show higher confidence in stablecoins and fintech infrastructure than in traditional banks.”
At the same time, “People trust the new infrastructure more than the legacy system, but they want someone watching over it.”
The result is coexistence, not replacement. “DeFi and self-custody will keep their audience among users who want full control. But mainstream growth is heading toward regulated services, bank integrations, institutional backing.”
Rethinking Risk Education for Aging Users
For older users, the biggest perceived risk is not price volatility. It’s irreversibility.
“Older, but experienced investors already understand volatility and drawdowns and how to size a position,” Vasilenko says.
“What they don’t understand is why their transaction has been pending for ten minutes, or what network congestion means, or whether a failed payment actually took their money.”
That changes how education should work. “Risk education for this audience should answer the question they’re really asking, which is what happens to my money if something goes wrong.”
Until that fear is addressed, “they won’t engage with it again. The investment risk is secondary to the fear that they’ll make a mistake they can’t undo.”
Stablecoins, Institutions, and ‘Invisible’ Crypto
Asset preferences among older users closely mirror institutional behavior.
“Nearly 23% of our users avoid volatility entirely and only hold stablecoins. Another 42% told us they prefer low-risk strategies.”
That is not a retail anomaly. “Institutional money is doing the same thing,” Vasilenko notes, pointing to real-world signals: “Stripe paid $1.1 billion for Bridge because moving digital dollars is going to be an enormous business.”
“Visa and Mastercard are building the same capability into their networks,” he adds.
The convergence is striking. “Retail late adopters and big institutions weren’t comparing notes, but they ended up wanting the same thing. Crypto that functions like plumbing. Invisible, reliable, unexciting.”
And that, he argues, is where growth lives. “Speculative trading will always remain part of the ecosystem, but the real growth has shifted toward infrastructure.”
Late Adopters May Be Crypto’s Most Durable Growth Engine
Demographics make this shift unavoidable. “Yes, and the demographic math makes it hard to see any other outcome,” Vasilenko says when asked if aging populations will drive future adoption.
“Speculative trading requires time, risk tolerance, and the ability to lose money without it derailing your life.” For many older users, “that’s not the profile of someone in their 60s with savings to protect and family abroad to send money to.”
Their behavior reflects that reality. “They buy less often, in smaller amounts, and they don’t care what new tokens you listed this week.”
Instead, loyalty is binary. “What they care about is whether the thing worked last time. If it did, they’ll be back. If it didn’t, they’re gone forever.”
Platforms that understand this dynamic may sacrifice volume, but gain stability. “Platforms that figure out how to serve this cohort will end up with a more predictable business. Lower volume, but users who stick around.”
In a market long driven by hype cycles, that kind of predictability may prove to be crypto’s most valuable asset.
FAQs
According to Paybis data, the largest group of crypto beginners is now users aged 65+. Many are turning to crypto due to frustration with traditional banking, cross-border payments, and limited savings options, rather than for speculative trading.
Yes. Paybis research shows that 68% of beginners prefer low-risk strategies. While behavioral patterns are similar across age groups, older users typically have lower confidence thresholds and are more cautious when testing crypto transactions.
Both. Internal surveys show that nearly a third of users prefer crypto “buy and hold” as a savings method, while 19% use crypto for payments. This suggests crypto is increasingly viewed as an alternative to traditional banking services.
The biggest issue is uncertainty during transactions. Many older users struggle to understand what is happening step by step, making even successful transactions feel risky. Unexpected fees, unclear card declines, and complex verification processes can cause users to abandon platforms.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
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