The Transition to Bitcoin
In the land down under, Paul Engeman, a well-known dealer of gold and silver bullion, has jumped into the waters of digital currency by trading Bitcoin. This move follows the Australian federal government’s historic decision to recognize Bitcoin as a legal form of currency. But as it often goes with new trends, Engeman’s leap into cryptocurrency isn’t just about keeping up; it’s also about responding to customer demand.
Bye-Bye GST!
One of the major catalysts for the burgeoning interest in Bitcoin is the elimination of the Goods and Services Tax (GST) on virtual currencies that occurred on July 1, 2017. This friendly legislation gave digital currency investors a reason to cheer, as it effectively reduced their costs when purchasing Bitcoin. Engeman’s switch to Bitcoin trading in August comes at a time when consumers are eager to explore investments without the tax bite.
Similarities Between Bullion and Bitcoin
Engeman believes that the transition from traditional bullion to digital currency isn’t as intimidating as one might think. According to him, the fundamental characteristics of monetary assets haven’t changed over the centuries. “Gold and silver are intrinsic stores of value that have dominated the market for 5,000 years, and Bitcoin mirrors these characteristics—limited supply and a challenging mining process,” he says. With only 21 million Bitcoins set to exist, the concept of scarcity that underlies precious metals now appears in the crypto world.
Bitcoin’s Growing Presence in Australia
As of September 1, Bitcoin has crossed the A$6000 mark (equivalent to $4,800). This price surge isn’t solo; it’s a party fueled by a broader uplift in the cryptocurrency landscape, which has added more than $170 billion to its market cap. But that’s not all. The acceptance of Bitcoin among various businesses—from cafes to car dealerships—is becoming increasingly common, indicating that the populace is warming up to this digital novelty.
Education Meets Cryptocurrency
But wait, there’s more! It’s not just the market shifting—education is getting onboard too. Brisbane high school teacher Chris Tippler is proactively teaching his students about Bitcoin, Ripple, and traditional bullion trading. He’s harnessed his currency trading knowledge to bring a modern twist to his business and economics curriculum. Tippler admits he’s unsure if this should be part of the standard curriculum but feels it’s essential given the changing economic landscape.
A New Age of Financial Literacy
With figures like Paul Engeman spearheading Bitcoin trading and educators like Chris Tippler introducing cryptocurrency concepts in schools, Australia seems poised to embrace a future that includes both traditional and digital forms of currency. For investors and students alike, the lesson is clear: keeping an eye on the evolving monetary assets landscape might just be worth its weight in gold—or should we say Bitcoin?
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