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AMP fund in Australia invests 27 million USD in Bitcoin

AMP’s MAJOR investment in Bitcoin: In May 2024, AMP invested approximately 27 million USD in Bitcoin, positioning itself as the first large Australian superannuation fund to embrace cryptocurrency. This amount represents just 0.05% of AMP’s total assets of around 57 billion USD.

Conservative allocation amidst price growth: AMP bought Bitcoin in the range of 60,000 USD to 70,000 USD, primarily as a portfolio diversifier amid significant price growth following U.S. Elections. Bitcoin has since reached a historic milestone of 100,000 USD.

Global pension funds recognize Bitcoin’s potential: AMP’s move reflects a trend as global pension funds, like Michigan’s and South Korea’s National Pension Service, begin investing in Bitcoin. This growing recognition may lead to future shifts in institutional investment strategies across various countries.

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