The Australian Tax Office recently released data for the quarter ending September 2023, which revealed the growing crypto investment numbers in Australia.
The Australian Tax Office recently published data that indicated the growing volumes of crypto investment numbers in the country. Australians are enabling crypto adoption through such investments and aiming for early retirement. They have increased allocation to crypto in self-managed by over 400% in four years. The jump is higher than all other traditional asset classes, including stocks and bonds.
Moreover, individuals opting for crypto in their retirement portfolios could be a sign of growing trust in the sector. In 2019, the quarter for the same period saw $131.5 million investments in crypto. This year, the figure has climbed to $658.6 million from around 612,000 self-managed super funds (SMSF). The super funds, which are a kind of retirement fund in the country, can be controlled by their holders.
With the statistics, crypto has likely become Australia’s fastest-growing investment asset class. Allocations to other products like stocks and bonds have either flattened or decreased in the same period. The data in Australia also echoes similar changes in the crypto market, which has seen crypto inflows increase in 2023. Retail investors are opting for investment products to increase crypto inflows into the market.
The last crypto bull run in 2021 saw the largest size of investments in crypto in Australia. At the time, investors held around $1.06 billion worth of crypto in such funds.
Meanwhile, Danny Talwar, a tax expert, said, “Your SMSF strategy must allow you to hold crypto. It must be for the sole purpose of providing you with a retirement benefit. You need to get everything audited. You need to segregate SMSF holdings from personal holdings… can’t have a blurred line between the two.”
On the other hand, Australia is also one of the countries with the highest number of Bitcoin ATMs, indicating higher levels of crypto adoption.
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