U.Today – Jamie Coutts, chief cryptocurrency analyst at Real Vision, took to his account on Platform X (formerly known as Twitter) to warn holders in Australia about “Orwellian legislation” that could include them as potential lawbreakers.
Coutts suggests holding bitcoins could become illegal in Australia
Coutts shared a tweet posted by writer and journalist Alex James about the recent legislation passed in Australia. The analyst referred to it as “Orwellian” as it warns of “serious harm” that can allegedly be caused in certain aspects of public life, both to other citizens and to elements of the local state system. Such instances can be classified as “defamation.”
Among the “usual things” such as sexual orientation, gender identity, nationality, etc., “serious harm” can now also be caused if a person expresses a lack of confidence in the banking system and spreads “misinformation” about it. This could “cause harm” to the Australian economy.
Bitcoin was initially created by Satoshi Nakamoto as a tool for those who don’t trust the banking system. Jamie Coutts tweeted: “If you live in Australia and own Bitcoin, you better wake up. This Orwellian legislation is aimed directly at you!”
Alex James said the same thing in his tweet: “Serious damage is… damage to ‘public trust’ in the banking system. If you don’t trust the banking system, you are spreading misinformation.”
Bitcoin miners continue to sell like crazy
According to a recent tweet published by on-chain data aggregator Santiment, Bitcoin mining wallets have seen a sharp decline since the first half of 2024. The same has been happening with the supply of miners.
Analysts at Santiment say that after the recent mild rally that Bitcoin faced, once the combined supplies of Bitcoin and Ethereum miners start growing again, it could be interpreted as a “strong signal that the next bull run is approaching.”
Over the past week, the world’s flagship cryptocurrency, Bitcoin, has seen a surge of over 8%, moving from $53,490 to the $57,790 level, where it is currently changing hands at the time of writing.
This week, as reported by U.Today, Bitcoin miners sold 30,000 BTC worth approximately $1.7 billion in just 72 hours.
This article was originally published on U.Today
