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$69 Billion Australian Pension Fund Exploring Crypto

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Fri, 10/15/2021 - 08:09
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Alex Dovbnya
A major Australian pension fund is considering getting into crypto
$69 Billion Australian Pension Fund Exploring Crypto
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Queensland Investment Corporation, the fifth-largest Australian pension fund, is exploring cryptocurrencies, according to an Oct. 15 report by the Financial Times.

Stuart Simmons, QIC's director and head of currency, claims that the government-owned company will not invest much from the get-go due to the lack of regulatory clarity about cryptocurrencies in Australia.

Still, the potential move into crypto by the $69 billion pension fund would be a watershed moment for the industry, considering that such institutional investors are very conservative when it comes to asset allocation.

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Simmons expects more super funds to dip their toes into crypto as the industry continues to mature:

I don't think there's an inevitability about super funds and the institutional market investing in crypto, but as the segment matures ... there's a likelihood that super funds seek out exposure.

An exchange-traded fund (ETF) that tracks the value of crypto-oriented companies is expected to launch on the Australian Stock Exchange (ASX) under the "CRYP" ticker this October.

As reported by U.Today, NSW Liberal Senator Andrew Bragg recently outlined his plan for making Australia a global leader in the crypto industry.

A recent survey has found that 13% of Australians own Bitcoin.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.