A global cryptocurrency exchange provider has recognised SMSF members are one of a number of investor groups showing increasing interest in allocations to digital assets.
“There is more general interest from self-managed super funds, but also from high net worth individuals, family offices and trusts to the point cryptocurrency is becoming now a legitimate asset class,” Binance Australia and New Zealand general manager Matt Poblocki acknowledged during a media briefing last Friday.
Poblocki pointed out the organisation has experienced SMSF interest stemming from intergenerational communication and encouragement at its educational community events.
“At one of our community events in Adelaide, a mother and daughter were there and it was a situation where a young woman, young professional, had brought her retired mother along who had a self-managed super fund and they were both thinking about [investing in cryptocurrency],” he noted.
The comments come on the back of behavioural research from Protocol Theory commissioned by Binance that confirmed cryptocurrency has become a core growth portfolio component among investors.
The study showed 26 per cent of Australians aged between 18 and 64 hold cryptocurrency, with a further 32 per cent of individuals open to investing in the asset class in the future.
Cryptocurrency investing was most popular among 18 to 34 year olds, with allocations across this cohort accounting for 32 per cent of their portfolios, which was only just behind their equities investments, representing 36 per cent of their asset holdings.
The analysis indicated 50 per cent of respondents said saving for retirement was a key reason for investing in cryptocurrency, with another 47 per cent doing it to build future financial security and a further 36 per cent wanting to derive a passive income from the asset class.
“[This year] is proving to be a landmark year for crypto adoption. A quarter of Australians aged between 18 and 64 now hold crypto,” Binance chief executive Richard Teng said.
“It is no longer a speculative, niche investment but an established growth asset class.
“These investors aren’t those looking to get rich quick. Rather, the research found them to be extremely financially literate, with 57 per cent describing themselves as extremely or very knowledgeable compared to just 27 per cent of non-holders.”
Over 1600 Australians took part in the Protocol Theory survey.
