One of Australia’s largest pension funds is said to be exploring BTC. According to Financial Times recent report Queensland Investment Corporation, country’s 5th largest pension fund having $69 billion in reserves, is exploring the Premier cryptocurrency.
While the QIC’s potential entry into crypto could prove to be a major event, firm’s director and Head of currency Stuart Simmons says that it has a low probability that government owned QIC will invest much from the get-go considering the lack of regularity clarity in the country.
Although Simmons did seem optimistic that as the crypto market matures funds like QIC’s will dip their toes in the industry. Simmons stated:
“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.”
Unlike other economic powers around the globe, I.e. the US and UK, Australia is pursuing a path of dominating crypto not of curtailing it. Andrew Bragg, NSW Liberal Senator, recently outlined the country’s pathway to become global leader in the market.
As per the reports, Bitcoin ETF focused at keeping track of values of the companies that hold a large amount of BTCs, is getting launched on Australian Stock Exchange (ASX) by the end of this month. The ETF will be listed under the tag of “CRYP”. Moreover, it is also of great significance that 13% of Australians hold BTCs, a research showed.
There are also strong Optics about Bitcoin NFT, that is set to launch next week on the New York Stock Exchange. But the catch is the long awaited ETF is still not approved by the SEC. If the SEC does approve Bitcoin ETF by Monday midnight, the deadline, it could be a major boost for crypto.
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