Super funds draw the line on crypto as bitcoin surges to record highs

Posted by Anton Murray Consulting on 18 Dec, 2024

InvestorDaily

In a bold move, AMP confirmed to InvestorDaily last week a modest allocation to bitcoin, acknowledging that the digital currency is now “too big to ignore”. This marks a significant departure from the cautious stance many of AMP’s industry peers have maintained, despite bitcoin’s growing prominence as an asset class. UniSuper, for instance, remains firmly opposed to integrating cryptocurrency into its investment strategy.

A spokesperson for the fund told InvestorDaily: “Cryptocurrency does not form part of our investment universe, we don’t believe it is an appropriate asset to allocate our members’ life savings to.” AustralianSuper, the fund with the most assets, has also opted for a more measured stance. Although it has no plans to directly invest in cryptocurrencies, it is exploring blockchain technology as a potential growth area. “AustralianSuper does not have any current plans to invest directly in cryptocurrencies,” the fund’s spokesperson told InvestorDaily.

The rest of this article can be found at investordaily.com.au.

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