Reserve Bank of Australia Governor Michele Bullock recently criticized cryptocurrencies, stating that digital assets, such as Bitcoin, have no place in Australia’s economy. She argued that they are not a currency or money, but rather an asset class. Industry leaders have warned that this conservative outlook could have negative long-term consequences for Australia’s position in the global financial arena.
Meanwhile, a recent report suggests that nearly 27% of Australians are interested in owning cryptocurrencies, viewing them as a long-term investment. In contrast, the U.S. is embracing crypto, with President-elect Joe Biden aiming to position the country as the “crypto capital of the planet.”