Cryptocurrencies Attracts Thousands of Self-Managed Super Funds’ Interest
Australia is counted amongst the most Crypto-friendly countries and the craze of digital assets seems to be increasing as according to staff from domestic crypto exchanges, Australian self-managed super funds (SMSFs) have started investing in the market.
While traditional holdings such as residential property or blue-chip shares are more prevalent, a small portion of SMSF investors are looking for something a little more high-risk. The CEO of crypto exchange Independent Reserve, Adrian Przelozny told Business Insider a “significant activity in the space” has been observed from SMSFs.
Przelozny added that the number of SMSF customers registered with the exchange has increased to “around six or seven thousand“. Though when you compare it with the 590,000 plus SMSFs in Australia, holding a combined asset of almost $700 billion, few thousands are a relatively small percentage. But considering the bigger picture for the local crypto exchange operators, it presents a significant pool of capital
In July, Ben Ingram, the newly-appointed CEO of the bitcoin.com.au exchange told the publishing that he intends to tap into Australia’s vast superannuation pool. He said:
“SMSF’s have typically been the preserve of the wealthy. It’s a vehicle where you can manage your own investments, and you also carry the cost of that audit.”
The SMSFs who invested in the space since the end of July might be bearing some losses as the market have significantly fallen. Bitcoin has fallen by around 30% in that time, with sharper falls in other major alt-coins. According to early indications, some more sophisticated investors view cryptocurrencies as a viable alternative asset class and are looking into avenues to invest.
Source: Buissness Insider
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