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Policy Director of the Australian Taxpayers Alliance excitedly posted: "I bought my first Bitcoin!"

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Policy Director of the Australian Taxpayers Alliance excitedly posted: "I bought my first Bitcoin!"

Amid the global financial crisis and the macroeconomic turmoil caused by the spread of COVID-19 worldwide, Emilie Dye, Policy Director of the Australian Taxpayers' Alliance, tweeted that she has purchased her first Bitcoin as a safe haven asset in the turbulent economy.

First Time Buying Bitcoin

Amid the global financial crisis and the impact of the Wuhan coronavirus, no country seems to be spared from the pandemic and financial market turmoil, including Australia's oldest stock index—All Ordinaries ($AORD), which dropped 1.9% yesterday following a rebound from a major bear market.

On April 1st, Emilie Dye, Policy Director of the Taxpayers' Alliance Australia, posted an exciting message on Twitter that caught the attention of the cryptocurrency community: "I just bought my first Bitcoin!"

Additionally, Emilie Dye mentioned that she had been observing Bitcoin for a while and noticed the increasing number of people choosing to invest in Bitcoin amidst macroeconomic turmoil, expressing great confidence in it. When the Australian dollar depreciated, she decided to invest in a safer asset, much like how people buy gold.

Interestingly, the vision of Bitcoin seems to align with the mission of the Taxpayers' Alliance Australia:

"The Taxpayers' Alliance Australia is dedicated to representing every Australian taxpayer. Through grassroots movements, we oppose overregulation, wasteful spending, and heavy taxation. Our mission is to change our country and build a better, freer Australia."

"Demand" is the Driving Force Behind Bitcoin

To some extent, Bitcoin can be classified as a "consensus currency," where its value comes not just from itself, but more from the global consensus and demand for Bitcoin. When the public perceives Bitcoin as a hedge asset, it further strengthens the value and hedging properties of Bitcoin.

Although Bitcoin did not escape the first wave of the market turmoil, there are increasing signs that demand for Bitcoin is rising after the initial drop. For example, the number of searches for "buying Bitcoin" continues to increase, Coinbase's exchange reports show an increase in retail buying volume, and Bitcoin's trend is gradually decoupling from the stock market, indicating that external funds are flowing into Bitcoin. Perhaps when the next market turmoil hits, the consensus value of Bitcoin will be vastly different from what it is now.

Related Reading

  • Market Absorbs Recent Selling Pressure from Miners, Signifying Strong Bitcoin Demand
  • Did Bitcoin Miss Out on its Hedge Properties? A Look Back at Gold's Contrarian Rally in 2008

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