Is Holding Bitcoin Illegal in Australia? Chief Crypto Analyst Warns of Orwellian Legislation
Holding Bitcoin could become illegal in Australia, Coutts suggests
Jamie Coutts, chief crypto analyst at Real Vision, has raised concerns about potential legislation in Australia that could deem Bitcoin holders as law violators. Coutts warns that expressing a lack of confidence in the banking system could now be classified as “serious harm” under the new legislation, posing risks to the Australian economy.
In a tweet shared by writer Alex James, it was highlighted that spreading misinformation about the banking system could lead to defamation charges. Given that Bitcoin was created as an alternative to traditional banking, Coutts advised Australian Bitcoin holders to be cautious.
Bitcoin miners go on selling spree
Recent data from Santiment suggests that Bitcoin mining wallets and supplies have been declining since the first half of 2024. However, analysts believe that a rebound in mining activity could signal the beginning of the next bull run for Bitcoin and Ethereum.
Despite recent fluctuations, Bitcoin has seen an 8% increase in value over the past week, reaching $57,790 at the time of writing. Notably, Bitcoin miners reportedly sold $1.7 billion worth of BTC within a 72-hour period.
It is crucial for Australian Bitcoin holders to stay informed about the potential legal implications of their holdings and monitor market trends closely.