In total, the amount of funds invested by SMSFs in cryptocurrency exceeded $658 million. Compared to the same period in 2019, the growth of cryptocurrency holdings of non-state pension funds increased by 400%.
According to the Australian Taxation Office, the national average for SMSF cryptocurrency assets does not exceed 0.1% of the total net assets of pension funds. However, this percentage may vary depending on the actual size of the fund. Smaller SMSFs tend to invest more in digital assets, the ATO explained.
In March, Reuters news agency, citing Australian Taxation Office data, reported that thousands of Australians who had invested their retirement savings in crypto assets through SMSFs were facing hundreds of millions of dollars in losses.
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.