Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
The Libertarian Party of Australia has formally unveiled its new Bitcoin Policy Whitepaper, with a centerpiece proposal advocating for the establishment of an Australian Strategic Bitcoin Reserve (SBR). The announcement was made on March 8 during the BitcoinAlive event.
The event showcased the Libertarian Party’s vision for integrating Bitcoin into Australia’s financial and regulatory framework. While the party remains relatively small compared to the nation’s two major political contenders, it aims to influence broader debate on crypto policy. This stance places Australia alongside various US states that are working toward legislative recognition of Bitcoin reserves, as well as the US federal government’s announcement last week.
Establishing An Australian Strategic Bitcoin Reserve
One of the most prominent features of the Whitepaper is the call to create an Australian Strategic Bitcoin Reserve. Referring to Bitcoin’s “decentralized and limited-supply nature,” the Libertarian Party states that: “Bitcoin’s fixed supply of 21 million coins ensures that its scarcity protects against inflation […] This robustness enhances its appeal as a reliable store of value and positions it as an ideal component of Australia’s financial strategy.”
The proposal suggests that such a reserve would hedge against inflation, diversify national assets, and “strengthen the nation’s financial resilience.” According to the document, funding would derive from several possible sources, including allocations from Australia’s Future Fund, budget surpluses, and proceeds from government asset sales.
Throughout the 23-page White Paper, a repeated theme is that of personal and financial autonomy—concepts foundational to Bitcoin’s decentralized ethos. One recommendation asserts the right to self-custody, arguing that individuals should be able to hold Bitcoin themselves without reliance on central intermediaries. It reads: “The right to self-custody is paramount for achieving true financial sovereignty and privacy in an increasingly digitized economy.”
The paper’s authors contend that self-custody protects against “governmental overreach,” referencing past global financial crises that eroded public trust in centralized institutions.
Beyond the reserve, the White Paper advocates for comprehensive legal recognition and clearer regulatory standards. It calls for the removal of Capital Gains Tax (CGT) on everyday Bitcoin transactions and outlines a vision in which Australia “positions itself at the forefront of global innovation in financial services.” To that end, the document also proposes: “Treating Bitcoin as a legitimate and viable alternative to traditional financial systems, promoting financial autonomy and inclusivity.”
Such moves, the party believes, will encourage further Bitcoin adoption by eliminating “punitive taxation measures” that hamper everyday transactions. Additionally, the White Paper highlights how countries like Germany, Portugal, and Japan have already taken steps to clarify taxation and legal status for Bitcoin users and businesses.
Another point of emphasis is fair treatment of Bitcoin mining. Recognizing mounting concerns about energy usage, the policy encourages the integration of mining with renewable or “stranded” energy sources to stabilize power grids and reduce environmental impact: “Bitcoin mining should not be subject to regulations that disproportionately affect the industry. Any regulatory measures must be technology-neutral and focused on broader market stability, grid integrity, and environmental standards.”
According to the Libertarian Party, these approaches can help Australia avoid the pitfalls seen in other jurisdictions—such as China, where an outright mining ban led to significant industry disruption.
Reactions to the Libertarian Party’s announcement have been mixed. An Australian Bitcoiner remarked: “As an Australian the Libertarian Party is relatively new outside the big two party’s, they won’t get double digits of the vote when the election is finally held. The two majors have no BTC policy that I know of & we really are a backwards country—I won’t hold my breath for any either.”
Thus, no immediate impact on the BTC price can be expected. At press time, BTC faced further downward pressure and traded at $79,101.
Featured image created with DALL.E, chart from TradingView.com
Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.
His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.
Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.
For Jake, Bitcoin represents more than just an investment; it’s a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.
As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.
In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.
You can engage with his latest takes on Twitter: @realJakeSimmons.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
