Bitcoin is Not a Fad: Senator Hume Defends Cryptocurrency

Bitcoin not a fad
Source: Newsbtc

The Australian minister for the digital economy has just shared her support for digital currencies. Senator Jane Hume BTC and other cryptocurrencies in their baby steps, simply awaiting growth.

Retaliating to RBA’s Personnel: Cryptos Aren’t a Fad

On the 18th of November, the Head of Payment at River Bank of Australia, Tony Richards, cautioned Australians against investing in cryptocurrency. In addition to that, he shared several reasons to back his piece of advice.

According to him, cryptos may appear famous for now, but all that will end. He suggests that the high values regarded for digital funds will eventually fade off completely. He, therefore, urged fellow citizens to be watchful as they(bitcoin and altcoins might be a fad).

Senator Jane’s Response: Bitcoin is Not a Fad

Today, however, the senator has been heard defending digital funding. According to her advice, the country should not be afraid of DeFi trading. Rather, Australia ought to be keen on crypto transactions. 

The Minister for Digital economy rose to the task to talk about the trajectory of crypto markets. Additionally, this becomes the second time she is repeating the sentiments. As per an address in May 2021, she said;

“I would like to make something clear: cryptocurrency is not a fad. It is an asset class that will grow in importance.”

She says that Crypto will be the next mega-investment globally. Therefore urges the Australian government to embrace the technology. Senator Jane shows that the best route to take now is to align to the market trend and tag along. It will be very unfortunate, come a day in the future, to be left behind simply because we had some fear of the unknown.

Are There Any Australian Investors in the Crypto Market?

bitcoin not fad

A recent report by the Australian Senate Committee records that the country has crypto enthusiasts and investors. In conformity with the report, the investors consist of up to 17% of the country’s population. 

Following the statistics, $BTC, $ETH and $DOGE are the cryptos invent highly supported. 

However, RBA’s Tony terms this report as misleading. To him, the readings are and can not be accurate as perpetrated.

Technological Change: Resistance to Change

Senator Hume equates the resistance to crypto trading to fear of any slight technological advance. Technology is always changing, and new inventions come up.  

The resistance formed against the crypto market is not new. In fact it is a trend that has always surrounded new technological concepts and creations. For instance look at the era of Facebook, or in 1995, the Internet, iPhone or even excel inventions.

These four creations and many more faced harsh disregard at their initial stages. Currently, they have become necessary tools to own and among the best capital returns in the country.

Commonwealth Bank of Australia (Commbank/ CBA) Boards the Crypto Train

The Digitla’s Economy’s minister adds that the biggest bank in the nation supports crypto exchange. The bank recently partnered with Gemini to allow its users to transact using $BTC and similar coins. 

Therefore, how would a major bank collaborate in providing services to a failing trend?