Australia's Central Bank doesn't believe Bitcoin will become mainstream

21 Jun, 2019
by Joeri Cant
Australia's Central Bank doesn't believe Bitcoin will become mainstream

According to a document from the Reserve Bank of Australia, it is evident that Australia’s central bank has zero believe in Bitcoin's future as a worldwide accepted payment system.

The document titled ‘Cryptocurrency: Ten Years On,’ starts by admitting that ten years on from the creation of Bitcoin, the term cryptocurrency has indeed entered the public consciousness, however, the Central Bank of Australia claims that despite achieving some name recognition, cryptocurrencies are not widely used for payments.

'This article examines why Bitcoin is unlikely to become a ubiquitous payment method in Australia, and summarises how subsequent cryptocurrencies have sought to address some of the shortcomings of Bitcoin – such as its volatility and scalability problems.'

The document also examines the proliferation of new ‘coins’ and concludes that, despite the many developments in cryptocurrencies, none of these are actually functioning as money in the economy.

'Some of the evolution in cryptocurrencies in recent years has been an attempt to address some of the key shortcomings that have prevented Bitcoin from functioning as money. However, it remains the case that no cryptocurrencies currently function as money in Australia, or as widely used payment methods', the document concludes.

After reviewing everything it knows about cryptocurrency the RBA concluded, that it’s difficult to see an outbreak of Bitcoin users in the down under.

Of course, how much do they really know about crypto and Bitcoin? The one thing that they fear and might pull the rug from underneath them.

Perhaps the RBA wasn't paying attention when a crypto firm based in Australia recently held an event in collaboration with a real estate agency, where a house was auctioned off for crypto?

The property was eventually sold for 457 BTC, worth around $2.39 million.

Bids were made for the property in Bitcoin and Binance Coin, as well as Australian Dollars. Bitcoin won! Take that RBA.

Binance CEO Changpeng 'CZ' Zhao even tweeted about the event, using it as another example of growing adoption of cryptocurrencies.

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