Australian Fund QIC Is Considering Investment In Cryptocurrency
Queensland Investment Corporation (QIC), Australia's fifth largest pension fund, is looking into cryptocurrencies, according to the Financial Times on October 15th. Stuart SIMMONS, QIC's director and head of currency, argues that the state-owned company will not invest much at once due to the lack of regulatory clarity regarding cryptocurrencies in Australia.
However, the potential $69bln retirement fund transition to crypto will be a watershed moment for the industry, given that such institutional investors are very conservative about asset allocation. Simmons expects that as the industry develops, more funds will dive into cryptocurrency.
An exchange-traded fund (ETF) is expected to be launched on the Australian Stock Exchange (ASX) in October this year, tracking the value of crypto-focused companies. New South Wales Liberal Senator Andrew BRAGG recently outlined his plan to transform Australia into a global leader in the crypto industry. A recent poll also showed that 13% of Australians own bitcoins.
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