The Australian Pension Fund Industry, which is worth A$3.3 trillion, i.e., $2.4 trillion has expressed its doubts about the $2.5 trillion decentralized industry. An eminent figure from the country\u2019s pension fund sphere has levied cryptocurrencies as risky investments, especially for long-term funds in lieu of their highly volatile nature. Bloomberg quoted Ross Barry, who is the chief investment officer for the A$27 billion superannuation fund, Spirit Super, noting his argument against crypto, marking the investment as \u201ctoo risky to be considered for institutional portfolios\u201d, given virtual currencies\u2019 extreme price swings. Barry suggested that the pension fund industry should rather wait and observe the development graph of the decentralized industry, specifically since regulations around crypto remain unclear, as of now. \u201cIt\u2019s still volatile and there are still significant governance risks around things like even down to how do you have custody\u2026I don\u2019t think it\u2019s fit for purpose for superannuation funds.\u201d, Ross Barry told Bloomberg. Australia Remains Divided on Crypto The Pension Fund industry of Australia is not alone in doubting crypto\u2019s development. Last week, a senior official from the Reserve Bank of Australia (RBA) contested the myth around crypto\u2019s growth being inevitable. RBA\u2019s head of payments policy, Tony Richards asserted that crypto\u2019s prominent gains could easily be reversed by changing trends along with regulatory and monetary developments, and just like any other industry, crypto could also be prone to failure. From the decreased influence of fads, and an increased concern about the decentralized industry\u2019s unsustainable energy consumption, to association with manifold financial crimes, all this may cause crypto\u2019s popularity tower to shatter sooner than later. \u201cThere are plausible scenarios where a range of factors could come together to significantly challenge the current fervor for cryptocurrencies\u2026The current speculative demand could begin to reverse, and much of the price increases of recent years could be unwound.\u201d, Richards said. However, the country remains divided on crypto\u2019s importance, with one side concerned about high risk, while the other side argues exponential growth. According to CoinGape\u2019s exclusive coverage, Jane Hume, the Minister for the Digital Economy, spoke at the AFR Super and Wealth Summit, noting the growing relevance of crypto. Hume argued that cryptocurrencies \u201care not a fad\u201d further claiming that they are \u201cnot going away any time soon\u201d. While comparing the current crypto market conditions to that of the early internet era of the 1990s, Hume said, \u201cDon\u2019t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream\u201d The post Australia\u2019s $2.4 trillion pension fund industry levy crypto as \u201ctoo risky\u201d appeared first on Coingape.