Crypto ‘stabilises’ KiwiSaver portfolios, NZ Funds CEO tells MPs

NZ Funds CEO says bitcoin price increases are driven by technology adoption, reducing correlation to other markets. (Photo: screenshot)

Dan Brunskill

Wed, 08 Sep 2021

Volatile digital assets such as bitcoin actually stabilise KiwiSaver portfolios as they are detached from economic cycles, the chief executive of NZ Funds argued to a parliamentary inquiry into crypto-currencies.NZ Funds landed itself in trouble with the Financial Markets Authority this year after advertising its growth fund had doubled in value in the year ended March 2021 - the huge capital gain driven in part by its investment in digital assets.A former market regulator described the fund to BusinessDesk as a ‘ticking time bomb’&...

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