Renewed confidence in the cryptocurrency market has seen Bitcoin surge in value in recent weeks, due to a “perfect storm” of factors including President-elect Donald Trump’s pro-crypto stance, post Bitcoin halving momentum and falling interest rates in the US.
bitcoin.com.au CEO, Adrian Przelozny, said the impact of these developments was not confined to the US crypto market, with Australia perfectly positioned to benefit from a thriving global crypto ecosystem.
“Historically, cryptocurrencies like Bitcoin have operated in an environment where governments were either disengaged or openly opposed to crypto. Donald Trump's election in the US marks an historic shift for the cryptocurrency industry. For the first time, we will have a US President who appears poised to actively support the industry, fostering an environment of greater certainty and innovation,” Przelozny said.
Przelozny added the potential for pro-crypto policies under a supportive administration in the US could unlock unprecedented opportunities for innovation, greater real-world use cases, and broader adoption of digital assets more generally.
“There’s significant excitement in the industry and that’s driving the Bitcoin price higher – in just the last three months we’ve seen the Bitcoin price surge 71% and it is up 150% from this time last year,” Przelozny said.
"During this time, tens of thousands of Australians have been signing up to bitcoin.com.au, and I expect this rate of adoption to accelerate.
“The positive optimism and excitement is warranted. What we’re experiencing is a perfect storm for growth with a convergence of events – including a supportive US Government, increasing institutional demand with the emergence of Bitcoin ETFs, and falling interest rates in the US – that are driving Bitcoin to new highs.
“We expect this will inspire confidence, driving regulatory clarity and greater certainty for investors, as well as set the stage for a boost in innovation by encouraging the development of cutting-edge blockchain technologies.
“We hope this renewed interest will prompt Treasury to accelerate the drafting of crypto regulations in Australia.
“With global adoption set to gain significant momentum, Australia has a chance to really position itself as a leader in the crypto space, leveraging these developments to drive innovation, attract investment, and strengthen its economy,” he said.
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