$57B AUM Australia’s Pension Fund AMP Buys $27M in Bitcoin

Australia’s pension fund AMP has change into the primary main superannuation fund to purchase into crypto by buying Bitcoin price $27 million. The asset class beforehand barred for top volatility by large fund managers has now ignited FOMO as BTC value surpassed the $100K milestone after Donald Trump’s win within the U.S. presidential election.

Pension Big AMP Invests $27 Million in Bitcoin

$57 billion AMP turns into Australia’s first main pension fund to purchase Bitcoin, reported Australian Financial Review on December 12. They’re the primary within the $4 trillion retirement financial savings trade to spend money on the crypto asset class.

Different large pension funds claimed they’d not be following AMP’s lead into the cryptocurrency market. Earlier, Reserve Financial institution Governor Michele Bullock criticized concepts to spend money on crypto belongings, saying it doesn’t belong in retirement portfolios.

AMP chief funding officer Anna Shelley mentioned $27 million – or 0.05 % of its $57 billion in funds below administration – of BTC was bought in Could. BTC value was buying and selling within the $60,000-$70,000 vary. The funding was a part of a diversification technique after AMP’s dynamic asset allocation course of backed Bitcoin primarily based on its “momentum and sentiment.”

Bitcoin Rally to $100K Driving Mainstream Adoption

Matthew Sigel, head of digital belongings analysis at VanEck, mentioned these with belongings in AMP’s balanced and progress funding choices have been the most certainly to be uncovered to Bitcoin at a buyer degree.

Pension funds throughout the globe eyes investing in Bitcoin, particularly after the U.S. SEC authorized spot Bitcoin ETF earlier this 12 months. Just lately, UK pension fund giant Cartwright joined the league and allotted round 3% to Bitcoin as a direct funding.

Hedge funds have jumped to purchase Bitcoin and pension funds are in discussions with shoppers to spend money on BTC. Nevertheless, it’s delayed due to the lengthy due diligence strategy of pension funds.

BTC price at present trades at $100,837, up almost 20% in a month. Bitcoin hit a excessive of $104K amid the Trump commerce and transition to pro-crypto administration in the USA.