As a seasoned researcher with years of experience navigating the ever-evolving financial landscape, I find AMP‘s venture into Bitcoin intriguing and, quite frankly, not entirely surprising. The digital currency has undeniably established itself as a significant player in the global market, and it was only a matter of time before major players like AMP took notice.
As a researcher, I’m excited to announce that we’ve taken a significant step forward in our journey by investing $27 million in Bitcoin. This makes us the pioneering major superannuation fund in Australia to venture into the cryptocurrency market.
AMP Wealth Management, a significant wealth manager in Australia with billions of assets under its management, has allocated $27 million towards Bitcoin (BTC), marking it as the first major pension fund in the nation to make such an investment, according to reports from The Australian Financial Review.
According to the report, the investment was carried out in May while Bitcoin’s trading price ranged from around $60,000 to $70,000. Anna Shelley, the chief investment officer at AMP, stated that this investment, equating to 0.05% of the firm’s total assets worth $57 billion, was a part of a larger plan to diversify their investments.
Although AMP has invested in crypto, other retirement funds, like AustralianSuper, have indicated they don’t intend to replicate this move. The Australian Financial Review mentions that although AustralianSuper is looking into blockchain technology, it currently has no intentions of directly investing in cryptocurrencies.
In a LinkedIn post, Steve Flegg, AMP’s senior portfolio manager, observed that while cryptocurrency is considered risky, novel, and not entirely tested, it has grown to such an extent that its potential can no longer be disregarded.
In the interim, Australia is making efforts to tighten regulations within the cryptocurrency sector, ensuring it adheres to existing financial laws. Previously reported by Crypto.news, the Australian Securities and Investments Commission has proposed stricter regulations to better safeguard consumers in the crypto market.
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2024-12-12 14:15