AMP INVESTS $27M IN BITCOIN FOR THE FIRST TIME

AMP, Australia's largest super fund, has made its first-ever investment in Bitcoin, allocating $27 million to the cryptocurrency.

This move marks a significant milestone, as AMP becomes the first major superannuation fund in Australia to venture into the crypto market.

The investment, which accounts for about 0.05% of AMP's $57 billion assets, was made in May when Bitcoin's price ranged between $60,000 and $70,000. According to Anna Shelley, AMP's chief investment officer, the decision was driven by Bitcoin's substantial market momentum and sentiment.

This development comes as Bitcoin's price has surged, reaching an all-time high of over $100,000.

The cryptocurrency's growing mainstream acceptance and potential for continued growth have likely contributed to AMP's investment decision.