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.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.