U.Today – Bitcoin Warning

Jamie Coutts, chief crypto analyst at Real Vision, has issued a warning to Bitcoin holders in Australia regarding potential “Orwellian legislation.”

Holding Bitcoin Could Become Illegal in Australia

Coutts tweeted about recent legislation passed in Australia, labeling it “Orwellian.” This legislation addresses various aspects of public life and warns against “serious harm” to citizens and the local state system. Such harm includes defamation, which now extends to expressing a lack of confidence in the banking system or spreading “misinformation,” potentially harming the Australian economy.

Given that Bitcoin was developed as a solution for mistrust in banks, Coutts emphasized, “If you live in Australia and own Bitcoin, you better wake up. This Orwellian legislation is aimed right at you!”

Alex James echoed this sentiment stating, “Serious harm is harm to ‘public confidence’ in the banking system,” implying that lack of confidence equates to spreading misinformation.

Bitcoin Miners Go on Selling Spree

Recently, on-chain data aggregator Santiment reported a significant decline in Bitcoin mining wallets since the first half of 2024, mirroring similar trends in Ethereum miners. Analysts suggest that an upward trend in the combined supplies of Bitcoin and Ethereum miners could indicate an approaching bull run.

In the past week, Bitcoin saw an increase of over 8%, rising from $53,490 to $57,790. Notably, Bitcoin miners sold 30,000 BTC worth around $1.7 billion within just 72 hours.

This article was originally published on U.Today.