The fund says the $27 million it is investing in bitcoin is part of its diversification strategy; critics say the asset class had no place in retirement portfolios.
AMP, one of Australia's largest financial institutions, has become the first major superannuation fund to invest in cryptocurrencies, marking a significant shift in the investment landscape. The fund has allocated a small portion of its $250 billion in assets under management to Bitcoin and Ethereum, aiming to diversify its portfolio and tap into the potential high returns of digital assets. This move comes amidst growing acceptance of cryptocurrencies as a legitimate asset class, despite their volatility. AMP's decision reflects a broader trend where institutional investors are increasingly exploring blockchain-based investments. The fund has partnered with specialized crypto asset managers to navigate the complexities of this new asset class, ensuring compliance with regulatory standards and risk management protocols.
Stocks & Investing
Thu, December 12, 2024 
