AMP, with $56B AUM, Invests $27M in Bitcoin, First Domino in Australia's $4T Super Fund Industry

Dec 12, 2024, 09:45 AM

AMP, a major Australian retirement fund with $56 billion in assets under management, has become the first superannuation fund in the country to invest in Bitcoin, purchasing $27 million worth of the cryptocurrency. This move is seen as the first domino to fall in a $4 trillion industry, potentially influencing other funds to consider similar investments. The investment comes at a time when Bitcoin is approaching a vital $100,000 price level, marking a monumental milestone in its evolution into a global financial force.