Despite Bitcoin’s meteoric rise and mounting global adoption, some of Australia’s most trusted financial advisers are standing firm in their rejection of the cryptocurrency wave.
As digital currencies continue to capture headlines and portfolios alike, chartered accountant and seasoned investment adviser Jacqui Clarke is urging caution. Speaking on The Money Puzzle podcast, Clarke, who represents several of Australia’s wealthiest families, remains unconvinced by Bitcoin’s real-world value.
“Advisers, certainly in the Sydney and Melbourne markets, who look after wealth are not going near bitcoin,” Clarke says. “Although they may respond on request if you say, ‘that’s what I want to hold’.”
Bitcoin, often dubbed “digital gold”, has soared by over 40% in the past year, climbing to nearly $US105,000. But even with such impressive gains, debate persists over whether cryptocurrencies belong alongside gold and cash in retail investment portfolios.
Clarke, known for her conservative investment approach, continues to advocate for traditional assets. “My caution to people always is doing your due diligence on the investments. So don’t invest in something you don’t understand,” she explains. “[For me] it is also very difficult to get to the bottom of what bitcoin actually represents.”
Meanwhile, the crypto market has received unprecedented backing, especially in the United States where support from the Trump administration has prompted speculation that cryptocurrencies may soon form part of the US strategic reserve.
Australia has also seen a rapid shift in sentiment. According to recent Australian Taxation Office (ATO) figures, self-managed super funds (SMSFs) now hold a combined $1 billion in crypto assets. This, coupled with industry surveys revealing that more than a third of Australian retail investors own some form of cryptocurrency, highlights the growing FOMO—fear of missing out—among traditional investors.
Interestingly, while most surveys show that crypto investors are predominantly male and under 40, the verified SMSF data suggests a growing interest among older Australians as well.
But for Clarke and many in the traditional financial community, questions of trust, transparency, and security remain unresolved.
“What kind of treasury or monetary asset is it? It’s not like we have a deposit in the bank,” Clarke says. “And the worst thing about it, for us mere individual investors, is if we lose the data, we can lose the bitcoin. If you store your data off site and you lose that … it’s gone.”
Her concerns echo those of veteran investor Warren Buffett, who has famously said he will “never go near bitcoin”—a stance he continues to maintain.
The ATO has also issued its own guidance for crypto investors, reminding them to verify that trading platforms are registered or licensed. “Look for independent reviews and user feedback, ensure the site uses secure connections, and understand their policies (for example, refunds, dispute resolution),” the ATO advises.
As crypto adoption widens, one thing is clear—while retail enthusiasm grows, a significant portion of Australia’s financial establishment still sees Bitcoin as too risky to trust.
