Raiz launches Bitcoin portfolio

26 May 2020
| By Jassmyn |
image
image
expand image

Micro-investing app, Raiz Invest has launched a new portfolio that will have a 5% target allocation towards Bitcoin.

The portfolio, Sapphire, said there was a growing appetite for cryptocurrency exposure and that the remaining 95% of the portfolio would be allocated towards US, Australian, European, and Asian large-cap stocks, and Australian corporate debt and money markets, all via exchange traded funds.

Raiz chief executive, George Lucas, said: “Although this latest portfolio offering from Raiz is very high risk, feedback from many customers has clearly shown that they have an appetite for an investment strategy that has an exposure to cryptocurrencies, and the Sapphire portfolio has been designed with this in mind.

“The investment objective of the Sapphire portfolio is to provide exposure to Bitcoin in a managed, risk-adjusted way. The minimum suggested investment timeframe is more than five years.”

Raiz said cryptocurrencies would play a more important role in portfolios in the future as quantitative easing was being used by governments due to the COVID-19 pandemic.

The firm would store Bitcoin with Gemini – a cryptocurrency exchange and custodian founded by the Winklevoss twins.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago