told Business Insider a “significant activity in the space” has been observed from SMSFs.
Przelozny added that the number of SMSF customers registered with the exchange has increased to “around six or seven thousand“. Though when you compare it with the 590,000 plus SMSFs in Australia, holding a combined asset of almost $700 billion, few thousands are a relatively small percentage. But considering the bigger picture for the local crypto exchange operators, it presents a significant pool of capital
In July, Ben Ingram, the newly-appointed CEO of the bitcoin.com.au exchange told the publishing that he intends to tap into Australia’s vast superannuation pool. He said:
“SMSF’s have typically been the preserve of the wealthy. It’s a vehicle where you can manage your own investments, and you also carry the cost of that audit.”
The blockchain technology backing bitcoin and other digital currencies make the auditing of crypto a simpler task. He also noted that millennial investors who owned crypto assets “may be more inclined to self-manage,” considering the audit-ability of cryptocurrency transactions.
The SMSFs who invested in the space since the end of July might be bearing some losses as the market have significantly fallen. Bitcoin has fallen by around 30% in that time, with sharper falls in other major alt-coins. According to early indications, some more sophisticated investors view cryptocurrencies as a viable alternative asset class and are looking into avenues to invest.
Source: Buissness Insider
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