Stuart Simmons, director and head of currency at Queensland Investment Corporation, has confirmed that the pension fund is exploring cryptocurrencies according to a report by the Financial Times.
As Australia’s fifth largest pension fund, currently managing A$92.4bn, the move into crypto would mark a significant milestone for crypto adoption in Australia.
Simmons was quoted by the FT commenting on super funds dipping their toes into the crypto market:
“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”
Leading crypto fund manager, Jeff Yew, chief executive of Monochrome Asset Management and former local head of Binance, told The Age and The Sydney Morning Herald that he believes that the rise of Bitcoin is inevitable”
“Thirty years ago, portfolio managers wouldn’t have had high-yield bonds because they’re risky, but now they’re a staple in most diversified asset portfolios. If you extrapolate that to the rise of Bitcoin ... you can easily see it becoming more of a reality each day,”
Institutional investors are paying attention to the rising popularity of cryptoassets, and it seems Australia’s fairly progressive approach is encouraging major funds to consider opening up to crypto. An Australian Securities fund, ETF Securities, recently announced they had hit the Australian stock exchange Chi X, which would provide Australian’s with exposure to crypto companies such as Coinbase and Galaxy Digital,
ETF Securities head of product, Evan Metcalf, noted how they would be focusing on fintech with their innovation-led funds:
“The product is part of our strategy to roll out innovation-led funds [...] we recently launched a semiconductor fund and hydrogen fund. Fintech is the third piece in the puzzle and the focus of the product is basically around disruptive companies in the finance industry.”
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