Blockchain Technology Now Supported By Aussie Politicians On Both Sides

Liberal Senator Andrew Bragg has been an ardent supporter of Blockchain technology for a while – with his latest show of support at the Future Of Financial Services 2020 conference calling for more measures to promote the use of blockchain to attract international investors.

However, it turns out he is not the only Australian political figure to support blockchain technology.

Conservative Support Of Cryptocurrency

On the 10^th of November, noted conservative Cory Bernardi came out in support of Bitcoin.

Cory Bernardi – who has served as senator from 2006 to 2020 – stated his support for cryptocurrency after becoming more acquainted with the concept over the years.

He stated that despite having risks, so does any other asset – but the demand is getting stronger. He then went on to compare the digital asset to gold – which was the non-monetary asset preferred by private investors belonging to prior generations.

Kraken – a cryptocurrency exchange based in the USA – also stated earlier this year that if millennials would invest 5% of their inheritance in Bitcoin – with no other influences involved – the asset would get such a boost that a price of $350,000 per BTC could be reached.

Indeed, young adults have been far keener on adopting cryptocurrency than other demographics, in part due to its volatility – something projects like Qoin are trying to remedy.

Data published by RMIT  this summer showed that during the earlier months of lockdown, home trading volumes increased by  50% globally – and by 66% in Australia.

“Interest in DeFi – which is the beginnings of a new global digital financial system – is driving this current cryptocurrency price surge.”

Jason Potts – RMIT

Whatever the reason for this surge of interest in blockchain and cryptocurrency from all sectors – public and private, business and personal – the fact that personalities on both sides seem to espouse favorable views towards blockchain technology means that the rise of legislative barriers for even more crypto adoption seems quite unlikely.