AMP Becomes First Major Super Fund to Invest in Cryptocurrency

December 12, 2024

AMP made headlines recently by investing $27 million in bitcoin, making it the first major superannuation fund to dip its toes into the world of cryptocurrency. This move is quite significant, as many big fund managers in the $4 trillion retirement savings industry have typically avoided digital assets like bitcoin due to their high volatility.

While AMP has taken the plunge into cryptocurrency, other major funds have stated that they will not be following suit. Reserve Bank governor Michele Bullock has previously expressed skepticism about the role of cryptocurrencies in the Australian economy, and critics argue that they do not belong in retirement portfolios because they do not generate traditional yields.

It’s important to note that this decision by AMP marks a significant shift in the investment landscape, and it will be interesting to see how this move plays out in the long run. Stay tuned as we continue to follow developments in the world of cryptocurrencies and their impact on the financial services industry.