Retired Hair Salon Owner Builds $14K Crypto Portfolio After Losing $18K to Scam: Her Advice for Crypto Newcomers

A Retirement That's Anything But Average

Jo Ann Switzer, a 66-year-old woman from Hanover, Ontario, seems like the typical retiree. She ran a hair salon for 45 years and lives alone in a small Canadian town with fewer than 8,000 people. However, there’s one aspect of her life that sets her apart from the norm: her deep involvement in cryptocurrency.

Switzer is not just dabbling in crypto; she's fully immersed in it. Unlike many who might invest a few hundred dollars in Bitcoin, she has built a $14,000 portfolio in less than a year, holding a variety of virtual currencies such as Ethereum, Solana, Ondo, Sui, and Polygon. Her knowledge of crypto extends beyond basic concepts—she understands terms like "gas fees" and uses platforms like Discord. In fact, she made the three-hour trip to Toronto to attend an international crypto conference and flew to Miami for the Crypto Gathering 2025.

“I was like everybody’s grandma,” she said. “There’s these sockless young guys with skinny pants… and there’s very few women.”

Despite her age, Switzer has shown remarkable determination and resilience. Her journey into the world of crypto was not without its challenges. In 2024, she fell victim to four separate scams that cost her a total of $18,000. Yet, rather than being deterred, she used these experiences as learning opportunities.

Learning Through Experience

Switzer’s early lessons on buying crypto came from an unexpected source: scammers. Although she initially fell for their schemes, she didn’t let this stop her. Instead, she began asking questions and seeking out information. She found herself bombarding scammers with questions, hoping to extract as much knowledge as possible from them.

“It's sort of funny because the ones that gave me the most help, of course, and were the most patient, were the scammers,” she said. “They were at my beck and call. If I woke up in the middle of the night, I'd send them a question any hour, any day. I just bombarded them with questions.”

This experience is not uncommon. According to the FBI, last year, people over the age of 60 filed 8,043 complaints of cryptocurrency investment fraud, with losses totaling $1.6 billion. Scammers often target older individuals, exploiting their lack of familiarity with digital technologies.

The Importance of Education

Switzer’s story highlights the need for better education for older investors. While many crypto owners tend to be younger and male, seniors are increasingly interested in investing in digital assets. However, they often face significant barriers due to a lack of accessible educational resources.

CryptoLiteracy.org, an industry initiative, reported in 2024 that there are persistent gaps in knowledge that the industry must address to ensure equitable access and safe adoption. Switzer understands these challenges firsthand.

“They only know what they’ve been told, and whatever they’ve been told doesn’t make any sense. They don’t see a place to learn,” she said.

Finding Community and Connection

For Switzer, crypto is more than just an investment—it's a way to connect with others and stay engaged. At the Toronto conference in May, she went bowling with a group of young investors she had met online. She described feeling impressed by the community and the shared interest in technology.

Switzer also appreciates the independence that crypto offers. She avoids stocks because she believes they’re “all manipulated” and prefers the decentralized nature of cryptocurrencies. She sees them as a way to escape traditional financial systems that she doesn’t trust.

Evan Mann, co-host of The Rise Up Morning Show, noted that many of his listeners are older individuals looking to take control of their retirement savings. He emphasized the importance of education and caution when navigating the crypto space.

Advice for Seniors

Switzer advises seniors who are curious about crypto to start by setting up social media apps like TikTok, Discord, and Instagram. She recommends attending live events on these platforms and emphasizes the importance of skepticism and caution.

“Don’t think that if somebody reaches out to you that they’re anything but a scammer,” she said. “You don’t click on anything you don’t recognize.”

She also suggests using only top exchanges and platforms. However, she acknowledges the risks involved in investing in volatile assets. There have been numerous hacks and fraudulent activities in the industry, including the collapse of FTX, which led to the conviction of Sam Bankman-Fried.

When asked about the possibility of a crypto crash, Switzer said she wasn’t afraid. “Even the buildings that I invest in, my investments, they can all burn down. They can be flooded. They can end up losing all their tenants because of, you know, fleas.”

Final Thoughts

Switzer’s journey into the world of crypto shows that it’s never too late to learn and adapt. While the path may be challenging, especially for older individuals, the potential rewards and connections can be significant. As the crypto landscape continues to evolve, it’s essential for everyone, regardless of age, to stay informed and cautious.