ASIC Warning on SMFs and Crypto Investments

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ASIC Warning on SMFs and Crypto Investments

ASIC recently issued a warning on SMFs investing in crypto assets and being an attractive target for scammers. See Warning:

There are two issues here. The first is the nature of crypto assets. These include Bitcoin and other crypto currencies. These assets are a “high risk and speculative investment” according to ASIC. I have given my opinion of Bitcoin in a recent Post.

The second issue is scams. According to ASIC “Superannuation is an attractive target for scammers”. While SMFs are attractive to many types of scams, scams involving crypto assets can be made to look attractive due to the potential for spectacular gains, but only if you happen to buy in at a low price. However, what is likely is that you buy in at a high price and be forced to sell at a low price.

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