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Australia's DIY pension funds lose millions on crypto bets, investors not sweating it: Analysis

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SYDNEY: Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income.These risky bets are possible as DIY or self-managed superannuation funds (SMSFs) fall outside the remit of the prudential regulator that oversees professionally managed funds, thereby allowing them to invest with fewer restrictions.DIY pension funds account for a fourth of Australia's A$3.4 trillion (US$2.29 trillion) pension pool.

Tens of thousands set up such funds over the pandemic, pouring money set aside for retirement into markets, including cryptocurrency.

But regulators can do little more than warn about the risks.Peter, 50, who describes himself as a "bitcoiner", is among those who are content to ignore the warnings.He moved his A$130,000 nest egg from an Australian pension fund into an SMSF and invested it in bitcoin in 2021.

At one point his fund was up A$100,000 as bitcoin scaled an all-time high, but is now "underwater" after prices crashed.However, Peter continues to buy bitcoin."My conviction hasn't changed," said Peter, without giving his full name to keep his financial affairs private."It doesn't bother me, honestly.

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