Thousands of Australians who used DIY pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardizing their savings in a scheme originally set up to ensure adequate retirement income. | Reuters
He moved his A$130,000 nest egg from an Australian pension fund into an SMSF and invested it in bitcoin in 2021. At one point his fund was up A$100,000 as bitcoin scaled an all-time high, but is now “underwater” after prices crashed.“My conviction hasn’t changed,” said Peter, without giving his full name to keep his financial affairs private.
The tax office does not provide information about portfolio losses. However, bitcoin prices, near $24,000 now, are 16 percent below the 2021 trough and 60 percent below the 2021 peak. “If the investment goes pear-shaped, I work an extra year,” said Ken, who also did not want his full name disclosed.New SMSFs grew 30 percent in 2021, a survey from Vanguard and Investment Trends shows, with more than half the new starters surveyed saying they could outperform their pension fund.
Hargreaves Landsdown, among Britain’s largest retail stockbrokers, also bars its 460,000 self-managed pension customers from property.
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