Thursday, December 2, 2021
Home Tech Australian Superannuation Fund Considers Crypto Investment

Australian Superannuation Fund Considers Crypto Investment

One of Australia’s main superannuation funds, Rest Super, indicated it’s taking a look at investing in cryptocurrency — calling it a hedge towards rising inflation — earlier than stressing it’s nonetheless solely within the analysis section of investing, in accordance with a report within the Australian Financial Review.

Fast details

  • Speaking on the fund’s annual normal assembly on Tuesday night time, Rest chief funding officer Andrew Lill labelled blockchain and cryptocurrency expertise as “disruptive” and a possible “stable source of value” when in comparison with fiat currencies. “I do think that, in an era of inflation, it could be a potentially good place to invest,” Lill mentioned, including: “It’s still a very volatile investment, so any allocation exposure we make to cryptocurrencies is likely to be part of our diversified portfolio as initially a fairly small allocation that may, over time, build.”
  • Following Lill’s feedback, a Rest spokesperson clarified the fund’s place on cryptocurrency in an announcement, saying it’s “certainly considering cryptocurrencies as a way to diversify our members’ retirement savings [but] will not be investing in the immediate future.” The spokesperson added the fund can also be contemplating the safety and regulatory elements of investing in cryptocurrencies.
  • Superannuation funds are government-mandated retirement funds that management huge sums of capital. Worth AU$66 billion (US$47.53 billion), Rest Super is a retail and hospitality fund representing greater than two million members.
  • Australia’s largest fund, AustralianSuper, which controls over AU$233 billion (US$167.86 billion), lately took a hardline stance towards cryptocurrency at a summit on Monday: “We don’t see cryptocurrency as investible for our members,” mentioned CEO Paul Schroder, explaining cryptocurrency doesn’t meet the standards for funding because it doesn’t generate an revenue stream and that the fund doesn’t maintain gold for a similar purpose.
  • Forkast.News reported on superannuation in Australia lately — however for all of the incorrect causes. The Australian Securities and Investments Commission (ASIC) has accused two Gold Coast enterprise homeowners of defrauding 92 traders out of AU$25 million (US$18 million) who had been making an attempt to realize early entry to their superannuation. It can also be alleged the pair used the defrauded funds to purchase Bitcoin and luxurious vehicles in addition to to make a big donation to their church. ASIC has now seized a chilly pockets believed to carry practically US$20 million in Bitcoin allegedly linked to the defrauded funds.

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Thursday, December 2, 2021

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