The Orwellian Legislation Threatening Bitcoin Holders in Australia: A Warning from Chief Crypto Analyst
In a recent tweet, Jamie Coutts, chief crypto analyst at Real Vision, raised concerns over potential legislation in Australia that could make holding Bitcoin illegal. The legislation warns of "serious harm" to public confidence in certain aspects of public life, including the banking system. Coutts and journalist Alex James highlighted the implications of expressing a lack of confidence in the banking system, which could be classified as defamation.
Bitcoin, created as an alternative to the banking system, faces scrutiny under this legislation. Coutts and James both caution Bitcoin holders in Australia to be vigilant. Meanwhile, Bitcoin miners have been on a selling spree, with 30,000 BTC worth roughly $1.7 billion sold within just 72 hours. This trend, combined with a recent increase in Bitcoin's price, could signal the approach of the next bull run.
As an investment manager and financial market journalist, it is crucial to stay informed about regulatory developments that could impact your investments. The potential illegality of holding Bitcoin in Australia underscores the need for vigilance and understanding of the evolving regulatory landscape. Stay informed, stay ahead of the curve, and protect your investments.