AMP's Crypto Move May Have Just Opened Up the Floodgates

AMP's bold move shows crypto is too big to ignore

This Friday, AMP—one of Australia’s largest retirement fund managers—became the first major player in its industry to invest directly in cryptocurrency. Although the numbers are modest—the fund invested just 0.05% of its $57 billion in assets under management—the implications are significant. As one of the nation’s oldest and most respected asset managers, AMP’s move sends a powerful signal to both the traditional finance industry and the broader investing public: crypto is no longer a fringe experiment or passing fad. Instead, it’s a maturing market sector that is too influential to ignore, with growing acceptance from some of the world’s most established financial institutions.

In doing so, AMP may very well have just opened the floodgates for broader crypto adoption amongst the Australian investing public.

Significant latent demand for crypto in Australia

AMP’s move aligns with what we have known at Protocol Theory for some time: that consumers—including but not limited to those in the Australian market—overwhelmingly want to adopt crypto. But here, the numbers are not trivial: our data shows that nearly 2.8 million Australians are currently actively considering crypto for the first time, while another 5.3 million are open to it in the future. That’s over eight million Australians who might embrace digital assets if given the right support and opportunity.

And they aren’t chasing quick wins, either—they’re thinking strategically. Among those currently considering investing in crypto for the first time, up to 65% see the asset class as a unique portfolio diversification opportunity, while more than half (51%) believe that crypto offers an attractive balance between investment risk and potential return.

But if that’s the case, why have they not yet taken the plunge?

The key insight—and opportunity—for driving crypto adoption in Australia

For potential first-time Australian crypto investors, a lack of understanding remains the primary barrier to adoption—with 42% citing it as a major factor preventing them from making their first crypto investment. In addition, roughly a third (29%) aren’t sure how to get started investing in crypto, nor how to properly manage or store their assets (28%). This is consistent with what we at Protocol Theory observe in most markets globally: a lack of understanding of crypto—and specifically, an understanding of how to responsibly engage with it—remains one of the biggest barriers standing in the way of wider adoption.

But here’s the critical insight that AMP looks set to capitalize on, while others will surely ignore:

Furthermore, they trust established financial institutions—50% would consider a traditional asset manager for their crypto investments, 57% would turn to a superannuation provider, and up to 66% would look to a well-known Australian bank. Ultimately, these potential first-time crypto investors simply want what most investors do: familiar, credible guidance and the assurance of a steady, guiding hand.

Key Insight:

↑48%Increase

of Australian adults considering crypto for the first time would prefer their crypto investments to be professionally managed—with a strong preference for traditional financial institutions

Who else will step up—and who will be left behind?

AMP’s decision shows that at least one major super fund sees the writing on the wall. Crypto isn’t just “out there” anymore. It’s here, it’s wanted, and it could soon be as normal a part of Australian portfolios as shares and property. By acting now, AMP is positioning itself at the forefront of a wave that could reshape Australia’s financial services landscape for years to come. Meanwhile, those that fail to embrace this evolving reality risk being left behind altogether—relegated to the annals of history as yet another cautionary tale of a business that couldn’t keep pace with the times.

The only question now is: who else will step up and meet this demand? ◼️

About the data: The data cited in this article is based on responses from 2,840 Australian adults aged 18+, collected across multiple surveys conducted between July – December 2024. The combined sample is nationally representative by age, gender, and location, ensuring the insights reflect a broad and balanced perspective of Australia’s population.

Cover Image Credit: AMP Limited.