Menu
Media-release

Renewed Call for Australia to HODL Bitcoin: Missed Opportunity Highlights Need for Action

,

The Australian Bitcoin Industry Body (ABIB) has renewed its call for the Reserve Bank of Australia (RBA) and the Australian Government to diversify national reserves by allocating a portion to Bitcoin. This follows the inaction on ABIB’s 2023 proposal and highlights Bitcoin’s growing global recognition as a resilient and decentralised reserve asset.

ABIB emphasises the strategic importance of Bitcoin in safeguarding Australia’s financial future, advocating for informed decision-making and forward-thinking policies. The organisation reiterates its readiness to collaborate with policymakers to deepen understanding of Bitcoin’s unique characteristics and its role in fostering economic sovereignty and resilience.

Media Release

For Immediate Release
November 25, 2024
Contact: Bayani Mills, CEO, Australian Bitcoin Industry Body
Email: media@bitcoinindustrybody.org.au
Website: www.bitcoinindustrybody.org.au

Renewed Call for Australia to HODL Bitcoin: Missed Opportunity Highlights Need for Action

The Australian Bitcoin Industry Body (ABIB) is renewing its call for the Reserve Bank of Australia (RBA) and the Australian Government to allocate a portion of the nation’s official reserves to Bitcoin. This action is vital to safeguarding Australia’s economic resilience in an increasingly volatile global financial landscape.

In May 2023, ABIB urged the RBA to diversify its assets with a modest 2% allocation to Bitcoin, equivalent to approximately $1.75 billion AUD at the time. With Bitcoin priced at around $40,000 AUD, this investment would have secured roughly 44,400 BTC for the nation’s reserves. Despite this compelling case, the government deferred the decision to the RBA, and no action was taken.

As global financial uncertainty grows, Bitcoin represents an extraordinary opportunity for Australia to enhance its economic resilience. The decentralised and inflation-resistant nature of Bitcoin offers a safeguard against the persistent erosion of fiat currency value. By embracing this unique reserve asset, Australia can protect its financial future while signalling its leadership in monetary innovation.

The Case for Action

  • “Bitcoin is the best strategic hedge we have against the persistent erosion of Australia’s legal tender. Australia cannot afford to dismiss it.”
  • “Economic resilience demands diversification. Bitcoin offers a unique opportunity to secure Australia’s financial future against the systemic risks evident to all Australians.”
  • “Bitcoin represents more than a reserve asset; it’s a statement of economic sovereignty and preparedness for an evolving global economy.”
  • “Bitcoin’s decentralised architecture isn’t just a feature—it’s a rejection of the against systemic vulnerabilities. No other asset offers this level of trustless security.”

Time to Lead

Bitcoin is more than a financial innovation—it is a demonstration of economic sovereignty and resilience. By allocating a small portion of its reserves to Bitcoin, Australia can align with forward-thinking nations that are already leveraging Bitcoin to build robust and decentralised financial strategies.

The Australian Bitcoin Industry Body is again calling on the Australian Government to demonstrate extraordinary leadership by adopting Bitcoin as part of its official reserves. This bold step will not only safeguard Australia’s economic future but also position the nation as a leader in financial innovation and economic security.

About the Australian Bitcoin Industry Body

The Australian Bitcoin Industry Body (ABIB) is a bitcoin-only organisation committed to advancing Bitcoin in Australia. ABIB represents the interests of the growing Australian Bitcoin industry and the increasing number of businesses and individuals using Bitcoin. Through advocacy, education, and community engagement, ABIB aims to promote a free, open, and inclusive financial future for all Australians.

For further inquiries or interview requests, please contact:
Bayani Mills
Email: media@bitcoinindustrybody.org.au
Phone: +61 424 725 603

Related Posts