SYDNEY: Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. These risky bets are possible as DIY or self-managed superan
SYDNEY: Thousands of Australians who used do-it-yourself pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income.
Peter, 50, who describes himself as a"bitcoiner", is among those who are content to ignore the warnings. Regulatory rules require investors to keep assets for retirement, run audits and acknowledge risks, but say nothing about the appropriateness of investments by SMSFs. Assuming an average 40 per cent decline would imply an almost A$600 million drop in the value of SMSF cryptocurrency investments, Reuters calculations show."Most of the people I'm dealing with got in late," he says."If I want an early retirement, this will help," said Ken, a 47-year old professional who piled into cryptocurrency in May 2021 after first checking with his wife.
"I was getting calls every week at the peak," says Sevan Tuna, managing director at financial adviser Alexander Spencer."It was ridiculous, people had a lot of time on their hands." But in Australia, SMSFs can take out loans for houses and farms, buy shares in private companies or collectibles like fine wine and jewellery.
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