A growing number of Australian financial advisors are now approaching crypto exchanges to learn more about crypto-assets as Bitcoin rallies again towards $60k, and the crypto market tops $2 trillion.
As the crypto market surges and even outpaces legacy markets such as the Nasdaq and the S&P 500, more financial advisers are now keener to know about cryptocurrencies and how to invest in them, according to Shane Stevenson, CEO of Cointree.
There’s no doubt that bitcoin is now being seen as an alternative to gold as a store of value, reflected recently by the rising price of bitcoin, in particular, and the fact that cash, term deposits and bonds have less appeal because of the historically low-interest rates, that cryptocurrencies are becoming more attractive to SMSFs.Shane Stevenson, CEO of Cointree [Australian Fintech]
Interest in Crypto-assets Spikes
Cointree is an AUSTRAC-regulated crypto exchange in Australia. As the global crypto market grows, the number of SMSFs applications in the exchange has surged 53% in just three months.
This percentage falls short compared to last year as the increasing number of Aussies adding crypto assets to their portfolio is a reflection of the need for a hedge fund against hyperinflation.
Stevens added that most SMSFs are limited when it comes to cryptocurrencies, not only because of the challenges that SMSFs face when it comes to Proof of Ownership and Proof of Value, but traditional financial advisers also lack the knowledge for this type of investments.
Crypto Market Tops $2 Trillion
The crypto market topped $2 trillion on April 4, outperforming legacy markets with a surge of 3.55%, while Nasdaq Composite and the S&P 500 surged 1.36% and 1.43% respectively.
The crypto market now holds steady at $1 trillion for ten consecutive days, and over 1.90 million BTC were moved as the currency tested levels of $52k and $58k, establishing strong support at $54k.
Despite the inherent volatility of cryptocurrencies, the number of Aussies investing in Bitcoin and other currencies using their SMSFs has spiked since it reached $US50,000 by mid-February.
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