Raiz launches Bitcoin portfolio
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.
Recommended for you
Iress has announced it will divest its superannuation business as the latest step in its transformation program, allowing it to focus on wealth management.
The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March.
Following the departure of its chief marketing officer last year, AMP has appointed a successor to take up the position with the appointment coming from the US.
The Financial Services Council has appointed Justine Earl-Smith as executive director for commercial partnerships and growth, a newly created role for the organisation.
