U.Today – Jamie Coutts, lead crypto analyst at Real Vision, took to his X (formerly known as Twitter) account to warn cryptocurrency holders in Australia about “Orwellian legislation” that could brand them as potential violators of the law.
Bitcoin ownership could become illegal in Australia, Coutts suggests
Coutts shared a tweet by writer and journalist Alex James about recent Australian legislation, which the analyst called “Orwellian” because it warns of “serious harm” that could allegedly be done to aspects of public life, both to fellow citizens and to elements of the local state system. These cases could be classified as “defamation.”
Among the “ordinary things” such as sexual orientation, gender identity, nationality, etc., “serious harm” can now also be caused if a person expresses distrust of the banking system and spreads “disinformation” about it. This could “harm” the Australian economy.
Bitcoin was originally created by Satoshi Nakamoto as a tool for those who distrusted the banking system. That’s why Jamie Coutts tweeted: “If you live in Australia and own Bitcoin, you better wake up. This Orwellian law is aimed squarely at you!”
Alex James stated the same in his tweet: “The real damage is… damage to “public trust” in the banking system. If you don’t trust the banking system, you spread disinformation.”
Bitcoin Miners Go on Sale
According to a recent tweet by on-chain data aggregator Santiment, Bitcoin mining wallets have seen a mighty decline since the first half of 2024. The same was true for the supply of mining rigs.
Analysts at Santiment say that following Bitcoin’s recent bland rebound, if the combined supply of Bitcoin and Ethereum miners starts to grow again, it could be interpreted as a “strong signal that another bull run is approaching.”
Over the past week, the world’s leading cryptocurrency, Bitcoin, has surged in value by more than 8%, from $53,490 to $57,790, where it is currently changing hands.
This week, Bitcoin miners sold 30,000 BTC worth about $1.7 billion in just 72 hours, according to U.Today.
