November has been largely good and positive for crypto and the crypto community. Bitcoin is soaring to record prices, Americans are getting a pro-crypto government, and even NFTs have been doing well. But amidst all these events, one has stood out, causing worry among the crypto community, and it’s coming from Australia. 

One of Australia’s top finance officers has publicly denounced cryptocurrency, and it seems she’s doing it for the entire Australian economy.

In an annual Australian Securities and Investments Commission forum, Michele Bullock, the governor of the Reserve Bank of Australia, urged the attendees and the public not to call crypto “alternative currency." “It’s not a currency; it’s not money,” she said. 

While countries like El Salvador have made crypto legal tender in their jurisdiction, according to the RBA boss, crypto is only “being used as some sort of asset class." She also mentioned that she does not see “a role for it in the Australian economy or payments system.”

This public announcement shocked many in the crypto community, as many considered Australia a key player in achieving massive crypto adoption. The RBA’s governor’s announcement has also earned a strong comparison to Gary Gensler of the United States Securities and Exchange Commission, who is widely considered anti-crypto as a lawmaker can be.

In support of Michele Bullock, Joe Longo, the chair of the Australian Securities and Investments Commission, also said that the recent crypto rally is just another example of the “bigger fool theory” playing out in real life. 

Leaders in the crypto industry, seeing that Australian lawmakers are not fans of crypto, have come out to warn the Australian government that this anti-crypto outlook may have long-term consequences for Australia’s position in world finance. 

Caroline Bowler, CEO of BTC Markets, called the Australian lawmakers’ position a “conventional view that misses the large, transformative potential of cryptocurrencies and blockchain technology." She also called for a “more open-minded approach," stating that their reluctance risks Australia’s chance to lead the global digital economy.

Bowler pointed to the recent increasing interest in cryptocurrencies like Bitcoin, stating that it strongly indicates “a global shift in how we view value and exchange." Bowler believes that “cryptocurrencies are becoming a legitimate form of value exchange with popularity and purpose outside our borders.” 

While the country’s lawmakers are anti-crypto, the Australian people don’t seem to mind it at all. Data from finder.com.au has shown that almost 27% of Australians have shown an interest in owning cryptocurrencies, but not just that; this demographic also views cryptos as a long-term investment rather than just a speculative asset.

So why not just give the people what they want?

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