Australian Pension Fund Invests $17.2 Million in Bitcoin Futures
Australian pension and wealth fund AMP Limited invested approximately $17.2 million in Bitcoin futures. The company currently has no plans to invest further.
Although Coinbase is deliberately courting Australian pension funds, the country’s industry has little interest in Bitcoin investment.
AMP adds Bitcoin to pension funds
Despite Coinbase’s deliberate efforts Court Australian Superannuation Fund Investments This year, the industry has previously shown little interest. However, AMP chief investment officer Anna Shelley claimed that “structural changes” such as ETFs had changed the calculation.
Shelley claimed: “After testing and careful consideration by our investment team and committee, we included small and risk-managed positions in digital assets through a dynamic asset allocation plan in May.”
According to Bloomberg ReportAMP has about 0.5% of its superannuation assets exposed to Bitcoin Futures. The sector was deliberately targeted in this fight Bitcoin ETF approved in Australia. However, AMP now admits Cryptocurrencies useful for retirement funds due to its use inflation Hedging,
Although Shelley claimed the approval of the Australian ETF was the impetus for the investment, it is unclear whether this is AMP’s primary investment vehicle. indeed, Australia has been a booming market For Bitcoin ETF. That’s no guarantee, though: while state pension funds have little interest in cryptocurrencies, they The largest companies that invested heavily in artificial intelligence last year.
Regardless, pension investing is growing and has a significant impact on the Bitcoin ETF market. Michigan’s largest fund allocates $6.6 million to Bitcoin ETFs, followed by Greater Ethereum Investment A few months later. In addition, the Korean National Pension System Invests $34 million in MicroStrategya more indirect method of Bitcoin exposure.
Bitcoin has been performing well recent, Have strong forward momentum. If AMP achieves a good return on investment, it could spark more interest across the industry. For now, however, the pension fund’s Bitcoin futures investments are rare, at least in the Australian market.
Meanwhile, the country has been focusing extensively on cryptocurrency regulation of late. At the beginning of this month, AUSTRAC steps up investigation into crypto ATMsalleging that these operations increasingly facilitate cybercrime and money laundering.
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