As a seasoned researcher who has witnessed the rapid evolution of the digital economy and its underlying technologies, I find myself increasingly intrigued by the recent developments in Australia’s regulatory landscape towards cryptocurrencies. The Orwellian legislation cited by Jamie Coutts and Alex James appears to be a striking example of how traditional institutions are attempting to maintain control in an era where decentralized alternatives like Bitcoin pose significant challenges.
Through a post on his account (previously known as Twitter), Jamie Coutts, the chief crypto analyst at Real Vision, has issued a caution to Australian Bitcoin owners regarding possible “Orwellian laws” that might classify them as lawbreakers.
Holding Bitcoin could become illegal in Australia, Coutts suggests
Coutts posted a tweet from writer and journalist Alex James discussing the latest Australian legislation. This analyst deemed it “Orwellian” because it issues warnings for potential harm, not only to fellow citizens but also to the local government system, which could be defined as defamation in certain circumstances.
Expressing distrust or sharing incorrect information about the banking system could potentially cause significant damage, not only to an individual’s trust but also to the overall Australian economy.
Originally designed by Satoshi Nakamoto as a means for individuals skeptical of the traditional banking system, Bitcoin is now under scrutiny by Australian lawmakers. Consequently, Jamie Coutts tweeted: “If you’re an Australian Bitcoin owner, it’s time to open your eyes. This Orwellian legislation seems to be targeting you directly!
If you reside in Australia and have Bitcoin, it’s time to be alert. The upcoming legislation seems to target individuals like you directly! #AusBitcoinAlert
— Jamie Coutts CMT (@Jamie1Coutts) September 13, 2024
Alex James stated the same thing in his tweet: “Serious harm is…harm to ‘public confidence’ in the banking system. If you’re not confident in the banking system, you are spreading misinfo.”
Bitcoin miners go on selling spree
Based on a recent tweet from Santiment, an on-chain data provider, there’s been a significant drop in Bitcoin and Ethereum mining wallets since mid-2024.
Santiment’s analysts suggest that when the total output from Bitcoin and Ethereum mining operations resumes its growth following the recent mild recovery experienced by Bitcoin, this increase may indicate a “clear sign that the next bull market is on the horizon.
For the last seven days, the leading digital currency, Bitcoin, has experienced a surge exceeding 8%. It started off at $53,490 and currently stands at around $57,790 during this moment.
Over the past three days, according to U.Today’s report, bitcoin miners offloaded approximately 30,000 Bitcoins with a total value of around $1.7 billion.
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2024-09-13 17:27