This year has been absolutely encouraging for Bitcoin investors. Last week, $Bitcoin (BTC.CC)$ the price has first broken through the 0.1 million USD mark, and the market's optimistic expectations for Cryptos have reached a peak.

However, due to the volatility of Bitcoin, large Global fund management companies have previously shied away from it.

Recently, Stephen Flegg, a senior portfolio manager at Australia's pension and wealth management company AMP Ltd, revealed that AMP had previously invested 27 million Australian Dollars in Bitcoin, making it the country's first large retirement fund to Buy Bitcoin.

Australia's large pensions rarely allocate to Bitcoin.

Recently, AMP's senior portfolio manager Stephen Flegg stated on LinkedIn that as Bitcoin enters a 'stormy year', AMP has 'taken a risk to try.'

We generally believe that despite the risks, newness, and lack of comprehensive proof surrounding Cryptos, their potential is too great to continue ignoring.

Anna Shelley, Chief Investment Officer at AMP, stated that in May of this year, AMP invested about 27 million Australian Dollars in Bitcoin, which accounted for only 0.05% of its 57 billion Australian Dollars in managed funds. At that time, the trading price of Bitcoin ranged between 60,000 to 70,000 USD. She noted that this investment is part of AMP's diversification strategy.

Earlier this month, Bitcoin first broke the 100,000 USD mark, indicating that this investment has brought significant returns to AMP.

Most peers do not agree.

AMP's move is considered unusual in Australia, as the official stance on Bitcoin in Australia does not support it.

Michele Bullock, the Chair of the Reserve Bank of Australia, previously stated that Cryptos have no status in the Australian economy. Meanwhile, critics argue that Pension Management Companies should not include Cryptos in their investment portfolios because they do not generate returns.

On Thursday local time, other large funds stated that they would not follow AMP into the Cryptos field, citing the risks associated with that asset.

A spokesperson for the Australian retirement fund AustralianSuper stated that while the company views blockchain technology as a potential investment opportunity and has made some small investments in companies using the underlying technology in other ways, AustralianSuper currently has no plans for direct investment in Cryptos.

Professor Richard Holden from the University of New South Wales stated that AMP's attempt with Bitcoin marks an important moment for this risky asset.

Professor Holden expects: "When the (USA) incoming president says it is a legitimate asset class, the phenomenon of large funds allocating to Bitcoin will not disappear quickly; it will only grow. In this context, it is understandable that fund managers want to Hold a moderate exposure. However, I do worry that investors will put most of their retirement savings or other savings outside of professionally managed Retirement funds."

Different people have completely different attitudes.

Luci Ellis, former Assistant Governor of the Reserve Bank of Australia and current Chief Economist of the Westpac Banking Group, declined to comment on AMP's purchase of Bitcoin, but his attitude is clearly not positive. He emphasized that it is important to remember that Cryptos do not fulfill the functions of money.

"It does not have stable value; unless in very rare circumstances, you cannot really use it for payment, and it does not generate continuous returns. It does not entitle you to continuous dividends like Stocks, nor does it entitle you to continuous interest payments like Bonds."

In sharp contrast, Caroline Bowler, CEO of the Australian Cryptos Exchange BTC Markets, expressed that she feels very "excited" to see AMP invest in Bitcoin.

"The crypto market has become very important and cannot be ignored. This is not just speculation but the real potential of Bitcoin as part of a diversified investment strategy," Bowler compared this investment to supporting Technology stocks in the 1990s, "The digital asset class is still in its infancy, just like the Internet in the 1990s. Those who did not see the value of Technology stocks at that time missed out on a revolution."

Editor/Somer