In just three years, Australian self-managed super funds saw the value of their respective crypto asset holdings rise from just over $159 million to over $650 million. According to an executive with a local crypto exchange, many Australians are seeking to “allocate at least a percentage of their retirement funds to cryptocurrencies.”
Crypto Assets Held in Self-Managed Super Funds Still Very Low
The value of crypto assets held in Australian self-managed super funds (SMSFs) has surpassed $650 million (AUD$1 billion), according to a report that cites new data from the Australian Taxation Office.
The latest figures suggest that the value of crypto assets held by SMSFs has quadrupled from the $159 million recorded three years ago. About two years before that SMSFs reportedly held zero crypto assets.
However, the report indicates that the value of digital assets held in SMSFs is still significantly lower than the amount of traditional currency held in such privately managed funds. Swyftx, a crypto exchange, is among the Australian institutions whose investors have increased the crypto portion of their respective SMSFs.
“A significant number of crypto investors in Australia want to allocate at least a percentage of their retirement funds to cryptocurrencies,” Jason Titman, the chief operating officer of Swyftx reportedly said.
Titman also suggested that the U.S. Securities and Exchange Commission’s (SEC) recent approval of spot bitcoin exchange-traded funds (ETFs) has bolstered retail investors’ confidence in the longevity of crypto assets such as bitcoin (BTC).
Concerning the volatility of crypto assets, the head of Swyftx disclosed that participants in Australia’s crypto market have requested the government to explore methods to incorporate digital currencies into the advisory framework. Titman believes that this would ensure retail investors receive licensed financial advice, which is currently unavailable to them.
What are your thoughts on the growing preference for crypto assets among Australian investors? Share your views in the comments section below.
