- Jamie Coutts warns that new Australian legislation might make holding Bitcoin illegal.
- The law classifies a lack of confidence in the banking system as “serious harm.”
- Bitcoin mining activity has surged, with recent significant BTC sales and price increases.
Jamie Coutts, chief crypto analyst at Real Vision, has issued a stern warning to Bitcoin holders in Australia about recent legislative developments. Coutts expressed concerns via his X account, previously known as Twitter, labeling the new laws as “Orwellian.” He shared a tweet from journalist Alex James, highlighting potential legal risks for Bitcoin owners in Australia.
New Legislation Raises Concerns
The recent legislation in Australia introduces broad definitions of “serious harm,” including impacts on public confidence in the banking system. According to Coutts, this could classify those who question the banking system or share information perceived as misinformation as lawbreakers. This legislation could have significant consequences for Bitcoin holders, who often distrust traditional banking.
Bitcoin’s Role and Legal Implications
Bitcoin was created as a response to distrust in the banking system, aiming to offer an alternative. Coutts warned that the new laws could directly target Bitcoin users, making their holdings potentially illegal. Alex James’s tweet emphasized that expressing a lack of confidence in the banking system might now be considered harmful, further complicating the legal landscape for cryptocurrency enthusiasts.
Market Reactions and Mining Trends
Recent trends in the Bitcoin market show significant activity. Bitcoin miners have been active, with reports indicating they sold approximately 30,000 BTC, valued at around $1.7 billion, over 72 hours. This surge in selling aligns with a broader decline in Bitcoin mining wallets, which Santiment, an on-chain data aggregator, reports has been occurring since early 2024.
Bitcoin’s price has experienced fluctuations, rising by over 8% recently. The cryptocurrency moved from $53,490 to $59,424 Analysts are closely watching these movements, as increased mining wallet supplies could signal the approach of a new bull run.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
