I hope it works out for them because if large pension funds started building Bitcoin portfolios it would become a self fulfilling prophecy
Hey it works for them lets do it to.
That said don't think that will happen right away
But the questions and stories of Australian investors tapping the bitcoin market for returns have rung alarm bells among the professional investment community.
One financial adviser who declined to be named said: “You have to be a lunatic to do it.”
“What exactly are you buying? It’s hardly a story of wealth - it’s something that’s just manufactured,” he said.
But digital currency tax expert Reuben Bramanathan, a senior associate at law firm McCullough Robertson, said investors needed to be ultra cautious about dipping their toes into the bitcoin market to glean better returns as part of their super.
“People have done it - we’re hearing from accountants who have clients that have invested in bitcoins through their self-managed super funds,” Mr Bramanathan said.
“The real question is are the funds that do it compliant with the SIS [Superannuation Industry Supervision] Act and regulation.”
“If a client asked me to make an investment into bitcoin, I would certainly take a look into it, but it’s not something I’d confidently make a recommendation on - not yet, anyway.”
Thanks was an interesting enough read.
