As Bitcoin enters its second decade, it is opportune to reflect on its transformation from a monetary thought experiment, the first recorded transactional use being to buy pizza, into a fully-fledged financial ecosystem that has garnered significant interest, both from retail and institutional investors.
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In a canonical July 2010 Bitcointalk.org forum post by Satoshi Nakamoto, Bitcoin’s creator, they said “Sorry for being a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to.” Because Bitcoin is so hard to describe, define or contextualise, people can barely agree on what Bitcoin is, let alone how to value it.
The unprecedented influx of demand for digital-asset investments has exposed limitations in Australia’s existing regulatory framework. As ASIC, AUSTRAC and the ATO work to implement an appropriate regulatory framework for these new assets, rapid investment continues into a space which is absent of significant regulatory oversight.