As a lone continent isolated from the rest of the world, surrounded by the Pacific and Indian oceans, Australia’s relationship with other countries is nuanced and delicate. On the one hand, Australia has cultivated a culture and sense of identity that is entirely its own. On the other hand, the country is also in constant cultural conversation with other large countries around the globe, exporting some of its most phenomenal talent and goods, leaving a lasting impression on international culture in the process.
Despite the country’s relative isolation, one can see the influence and power that Australia holds in terms of international relevance. Now, Australia has also become a hub of worldwide significance when it comes to cryptocurrency. People worldwide keep a watchful eye on the Bitcoin price AUD, as they have observed the significant influence Australia’s financial status can have.
The History of Bitcoin
The first-ever form of cryptocurrency, Bitcoin, was initially invented in 2009 by Satoshi Nakamoto. While many agree that the name of Nakamoto is little more than an alias designed to mask the identity of the true creator or creators in question, the publishing of the nine-page-long whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System” was an integral moment. At the time, the paper, technology, and its founders were largely overlooked. It was 2009; the most popular social media site was still MySpace, consumers were still predominantly using their cell phones for calls and text messages, and the very idea of online shopping was still relatively niche. People were not yet ready to embrace this level of online reliance. However, a little over a decade later, things changed substantially.
In the wake of the COVID-19 pandemic, global lockdowns were implemented, confining consumers to their homes in unprecedented numbers for extended periods. Not only did this institutional-level shakeup leave people feeling vulnerable, but it also led to a surge in online resources used for entertainment, education, and communication. As a result, in 2020, consumers around the world were primed and prepared to adopt the idea of a digitized form of payment, and they were eager to embrace it.
Australia’s Role With Bitcoin
While cryptocurrency rose to international prominence in 2020, not every country welcomed the new form of currency. For example, even in the United States, crypto was not viewed as a legitimate form of currency until very recently. Although it has not been made legal tender in the most traditional sense in the U.S., it is widely accepted. Even the current President of the United States has paid for goods and services with Bitcoin, demonstrating just how far cryptocurrency has come in its role in the country.
While Australia was quick to embrace cryptocurrency, even as far back as the mid-2010s, its usage has remained relatively low-key. Cryptocurrency assets originated as a digital substitute for currency; however, they are not classified as “legal tender” in Australia. Although some businesses accept it, crypto is not widely acknowledged as a payment method.
Why Bitcoin Resonates with Australians
Australia, as a country, has a legacy of being an independent and forward-thinking nation. To this end, it makes perfect sense why cryptocurrencies such as Bitcoin were embraced early on in Oz, even if the currency is even less ‘official’ there than it is in other countries. Bitcoin was founded to provide users with an alternative to traditional banking systems. In the aftermath of the 2008 U.S. recession, Bitcoin’s founders aspired to circumvent the use of banks and instead put wealth directly into individuals’ hands. This mantra has resonated strongly with many self-made users in Australia, resulting in the country becoming such a focal point of Bitcoin value.
Final Thoughts
For crypto investors, it is essential to keep an eye on markets near and far to gain a better understanding of the international standing of crypto assets at any given moment. For as essential as continents like North America and Asia are to the cryptocurrency market, Australia has also become an integral component.
