The Australian parliament may soon consider adding Bitcoin to the currency reserve holdings of the Reserve Bank of Australia (RBA). Two senators from different parties (Labor and Liberal) are acknowledging the increasing importance of cryptocurrencies and blockchain technology, have suggested that the RBA hold Bitcoin in reserve to add versatility to Australia’s growing financial services industry.

Liberal Senator Jane Hume and Labor Senator Sam Dastyari have formed the Parliamentary Friends of Blockchain at Parliament House Photo: Andrew Meares

Senator Sam Dastyari said "the digital currency had now become a serious financial player and Australia risked being left behind if it did not pursue developing its own official currency and blockchain to use on the market".

Liberal Senator Jane Hume said "The opportunities for government, academia, and the private sector are enormous”

What are the implication for Bitcoin?

If Australia approves this proposal I believe other countries will start to do the same thing and this will start a race who has more bitcoin in their reserve. More on this on my upcoming in depth analyses of the price of Bitcoin to the “moon”.
Japan and Russia have announced plans to invest hundreds of millions of dollars into Bitcoin mining. We might see a domino effect and a race to accumulate more bitcoin will start. Also unconfirmed rumors are that China will regulate crypto exchanges because they don't want to be left behind. If all of thisturns to be true than we are looking at 500%+ return for Bitcoin.

Feel free to comment below with comments or criticisms!

Please do not consider anything in this post to be investment advice, and always do your own due diligence and research.

Sources: http://www.smh.com.au/federal-politics/political-news/bipartisan-push-for-the-reserve-bank-to-back-australian-bitcoin-20170807-gxqrm7.html

Images: fairfaxstatic.com.au/content/dam/images/g/x/q/y/w/0/image.related.articleLeadwide.620x349.gxqrm7.png/1502099432607.jpg

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