Australia Plans To Invest Its Retirement Fund Into Bitcoin – Official.

Resting Super, an Australian superannuation provider, is anticipated to be the first retirement fund in the nation to invest in bitcoin.

“It’s still an extremely volatile investment,” Rest Super’s CIO Andrew Lill remarked on Tuesday. “Any cryptocurrency allocation we make will undoubtedly be a part of our varied portfolio,” said the company.

The fund has around $46.8 billion in assets under management and 1.8 million members (AUM). Superannuation, which is akin to a 401k or Individual Retirement Account in the United States, is mandatory for all employees. The $2.4 trillion sectors have been skeptical of cryptocurrency up until now.

Lill believes that educating members on crypto and blockchain technology might provide a “reliable source of revenue” in an era when investors are flocking to crypto as a hedge against fiat-based inflation.

“I feel it may be an appealing sector to invest in an inflationary climate,” he said.

Following the CIO’s speech, a spokesman for Rest stated that the company is “definitely exploring cryptocurrencies as a method to diversify our members’ retirement funds [but] will not be investing in the near future.”

“We’re doing a lot of research on the asset class before we make any decisions,” the spokesman stated. “We’re also considering the class’s security and regulatory aspects.”

In contrast, Australian Super’s chief executive, Paul Schroder, indicated on Monday that “we don’t consider cryptocurrencies as investible for our members.”

Queensland Investment Corporation (QIC), a state-owned investment institution, was rumoured to be exploring getting crypto exposure last month.

Following the development of extensive regulatory proposals by a Senate committee in October as part of a push to develop Australia into the next crypto hub, and Commonwealth Bank of Australia’s (CBA) move to provide crypto trading via its banking app earlier this month, the discussion comes at a potentially bullish time for the Australian crypto market.

While the country waits to see which of the country’s major traditional financial institutions would be the next to embrace crypto, CBA CEO Matt Comyn said earlier this week that the bank’s decision was driven more by FOMO than by worries about the risks associated with digital assets.

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