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Market commentary: Bitcoin

PA Consulting Group’s pensions expert, Mike Teall, is quoted in Pensions Age talking about the risks associated with investing in Bitcoin.

In the Market Commentary section, journalist Natalie Tuck notes that the launch of Bitcoin on the world’s largest futures exchange has created quite a buzz around cryptocurrencies, and she asks if pension funds should join in.

Mike says he “sincerely hopes his pension fund isn’t investing in Bitcoin.”

Although it may be worth a “short-term flutter” as its value has soared in value from £785 at the start of 2017 to around £12,948 at the end of 2017, Mike points out that it could come “crashing back down to earth” any day.

Mike says: “However, while I’m glad the people that choose the investments in my pension probably aren’t overly distracted by Bitcoin, I hope the people that run the administration systems for my pension are.”

He adds: “Distributed ledger technology (DLT), the concept that underpins cryptocurrencies like Bitcoin, might enable significant increases in efficiency and transparency in pension administration, speeding up transactions and potentially providing a common data source for pension valuations. This is where the longer-term benefits really lie.”

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