Bitcoin Is Not a Fad, Says Australia’s Financial Service Minister

Bitcoin Is Not a Fad, Says Australia's Financial Service Minister


The Australian Finance Services Minister – Jane Hume – publically backed up digital assets by saying they are not just a temporary trend. Additionally, she opined that decentralized finance (DeFi) presents “incredible opportunities” for Australia.

‘We Need to Acknowledge This Is Not a Fad’

Jane Hume – an Australian minister and senator – fired back at Tony Richards (Head of Payment at the Reserve Bank of Australia), who recently described cryptocurrencies as “faddish.” On top of it, he warned investors that the asset class has the potential for a crash, and thus people could lose a substantial amount of money.

In an interview for the Australian Financial Review, Senator Hume disagreed with the statement. She believes the cryptocurrency industry is a delicate area, which the local government should approach “cautiously, but not fearfully.” The ruling body of Australia should also refrain from viewing bitcoin and the alternative coins as a “fad:”

“As an industry, and as a government, we need to acknowledge this is not a fad.”

The politician added that cryptocurrencies have emerged over the years and have “captured the hearts and minds” of Aussies. A recent survey revealed that roughly one in every five Australians is a holder. At the same time, Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) are the most popular digital assets.

okex

Senator Hume touched upon the blockchain-based form of finance that does not rely on central monetary intermediaries – Decentralized Finance (DeFi). She predicted it will “present incredible opportunities” in the future, and as such, “Australia mustn’t be left behind by far of the unknown.”

Jane Hume, Source: The West Australian

Crypto Is Like The Internet in 1995

The Australian minister also compared the cryptocurrency industry to technological developments from the recent past, such as the iPhone or Excel, that were considered irrelevant at some point. Digital assets also look like the Internet in its early days, and they can one day become a dominant technology used by everyone, Hume said:

“Don’t’ be the person in 1995 who said the Internet was just a place for geeks and criminals and would never become mainstream. And don’t be the person who argued that email was a passing fad.”

Many experts see the volatile nature of the asset class as its main issue. Hume opined that the enhanced price fluctuations occur because the industry is still in its early stages of existence:

“If the last 20 or 30 years have taught us anything, it’s that all innovation begins as disruption and ends as a household name.”

Not long ago, Anthony Scaramucci – Founder of the investment company SkyBridge Capital – gave a similar explanation. He compared bitcoin and the altcoins to companies like Facebook, Amazon, and Google – all of which faced enhanced volatility at first:

“I would categorize bitcoin and these other cryptocurrencies right now as early adaptive technologies. And just go back to Facebook, Google, Amazon – they all started with a wave of oscillating volatility before they stabilized.”

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Top-Crypto
Fiverr
Top-Crypto
Bitcoin Is Not a Fad, Says Australia's Financial Service Minister
okex
Ledger
Bitcoin.com Enhances Cross-Chain Swaps on Verse DEX With deBridge Integration for Faster, More Efficient Trading
Billionaire Paul Tudor Jones Eyes Bitcoin Amid Inflation and US Debt Fears
Vitalik Buterin Challenges Michael Saylor's Dismissal of Bitcoin Centralization Risks
Messari Reports TRON’s Protocol Revenue Reached an All-Time High in Q3 2024
22 Days to Go for US Election: Analysts Predict Altcoin Season
Bitcoin Sitting on Exchanges Drops to 3-Year Low
BTCC
TokenMetrics
Why is Ethereum Price Up Today
Crypto May Erode Public Trust in Credit, Warns Central Banker
Santander Targets Crypto Payment Flows With Stablecoin Strategy
Metaplanet scoops 1,004 Bitcoin in 2nd-biggest buy ever
Wintermute’s new code flags wallet-draining contracts
Why is Ethereum Price Up Today
Crypto May Erode Public Trust in Credit, Warns Central Banker
Santander Targets Crypto Payment Flows With Stablecoin Strategy
Metaplanet scoops 1,004 Bitcoin in 2nd-biggest buy ever