Crypto Pirates

Numerous auction houses apparently attempted to participate in the multimillion-dollar auction.

Significant Takeaways

* CryptoPunk #4156 sold for $10.26 million today, making it one of the collection's most expensive sales.

* At the time of press, the NFT is the most costly CryptoPunk currently available on the blockchain in terms of dollar value.

* However, on a technicality, past sales outrank it.

CryptoPunk #4156 sold for $10 million today, making it one of the collection's most costly sales.

A Rare CryptoPunk NFT Raises $10 Million

An extremely uncommon ape CryptoPunk was just sold for more than $10 million.

According to LarvaLabs' list of sales, today's transaction for CryptoPunk #4156 is the most valuable in terms of cash, with an exact sale price of $10.26 million.

The token's high price is due to its scarcity. It is one of only 24 ape CryptoPunks, making it the second rarest CryptoPunk kind after aliens, which number only nine, and zombies, which number 88. The great majority of CryptoPunks (9,879) are humans.

However, the high sale price saw today comes with certain restrictions. Due to the volatility of the Ethereum price, this is merely the third greatest sale in terms of ETH. Two CryptoPunks sold for 4,200 ETH each in March, but today's auction raised only 2,500 ETH.

Additionally, the auction is outranked by Sotheby's $11.75 million sale of CryptoPunk #7523. LarvaLabs does not report this transaction because it appears to be an off-chain monetary transaction.

Another CryptoPunk NFT also sold for a high price of $538 million in October, however this was due to the owner transferring the token to himself in a wash transaction rather than a legitimate sale.

The Seller Claims Auction Houses Contacted Him

CryptoPunks is one of the early Ethereum-based NFT series, having been launched in mid-2017. This distinction has helped the collection garner interest from Ethereum natives, celebrities, and two of the world's most prominent auction houses, Christie's and Sotheby's.

In addition, the original owner of CryptoPunk #4156 stated that auction houses approached him to propose that with their assistance, the item could have fetched an additional 1,500 ETH ($6.3 million).

While it is difficult to determine how much the token could have fetched, major auction houses like as Sotheby's and Christie's have previously held successful auctions of pieces from the series.

As such, Punk #4156 is unlikely to be the only extremely rare NFT that auction houses have attempted to acquire.

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A thriving Australian start-up is discreetly conducting business in a small, low-key office on Collins Street in the heart of Melbourne's CBD.

On the surface, the Easygo Gaming crew appears to be a standard collection of video game creators living the start-up dream. Their Instagram page features team meals and an in-house barista at their Royal Bank Chambers headquarters, as well as relaxed boat excursions for special occasions and spin-the-wheel games with rewards like iPhones for staff.

However, underneath the innocent images is a sinister mystery.

The Age and the Sydney Morning Herald can reveal that the owners of Easygo are also responsible for what is thought to be the world's largest online bitcoin casino, Stake.com - better known as the shirt sponsor of UK Premier League team Watford.

Stake.com has processed tens of billions of wagers on sports, slots, and casino table games in a matter of years. Industry analysts place the operation's value at a modest $1 billion.

The fact that Stake.com is being directed from Australia has alarmed anti-gambling advocates, who see it as another disturbing illustration of how deeply ingrained gaming is in the national mentality. It has attracted the attention of anti-money laundering experts and anxieties among participants in Australia's $25 billion-a-year wagering industry, who fear the operation might someday threaten their operations.

The Age and Herald's six-month investigation discovered that Stake.com (not to be confused with the low-cost share trading site Stake) was founded by Easygo shareholder Edward 'Ed' Craven, 26, in 2017 while he was working in Easygo's Melbourne headquarters with business partner Bijan Tehrani, 28.

"If America has a blind spot, it is on weapons; the rest of the world looks at us and says we have a gambling problem. It has fully ensnared us. Thus, this business serves as another illustration."

Tim Costello, an anti-gambling advocate

Despite the fact that Stake.com seems to be a casino operated by a business based on the Dutch Caribbean island of Curacao, Stake.com is a 100% Australian operation. Not only was Easygo founded in Melbourne, but certain top Stake.com employees work out of Easygo's offices, and the games developed by Easygo are for Stake.com.

While internet casinos have been illegal in Australia for more than two decades, a loophole in the legislation allows for the operation of an online casino from the country, as long as it does not service or advertise in Australia. Due to the fact that Stake.com is registered and licensed in Curacao, it is also exempt from Australia's anti-money laundering legislation.

Together, the team at Stake.com has hit the regulatory jackpot. By exploiting these loopholes legitimately, Stake.com was able to develop a casino large enough to take $US12 million in wagers on the outcome of the last US election. According to reports, the sponsorship of Watford FC costs the firm $9 million per year. Stake is also the official cryptocurrency betting partner of the UFC, a prominent mixed martial arts organisation.

Australia's gambling opacity

Stake.com's growth coincides with the explosion of gambling in Australia during COVID-19, with government data forecasting an increase in online betting in 2020 and 2021.

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The CBA's foray into cryptocurrency could pay off handsomely, with a new Visa survey indicating that up to a third of Australian cryptocurrency owners are likely or extremely likely to transfer their primary bank to one that offers crypto products in the next 12 months.

With around 20% of Australians having digital assets, up to 7% of bank customers may switch financial institutions.

The advantage for banks that do embrace cryptocurrency is that the Visa research also discovered that a sizable majority of cryptocurrency owners (82 percent) are interested in purchasing cryptocurrency from their bank.

According to the global study The Crypto Phenomenon: Consumer Attitudes and Usage, 93 percent of financial decision makers in Australia are aware of cryptocurrency.

Additionally, the research indicates that cryptocurrency usage is increasing, with more than a quarter (27%) of Australian crypto-aware respondents directly engaging with crypto as an investment vehicle or a medium of trade.

Visa's ANZ Head of Innovation, Anthony Jones, stated that the findings demonstrate a sea change in how people see money and investing.

"Digital currencies and crypto assets represent a paradigm shift in technology, not just for money movement but also for digital ownership, and growth in this field is expected to continue," he said.

"As consumer investment in this new asset class grows and Australians begin to rethink their approach to money in the future, every financial institution will require a crypto strategy."

The study findings come as the Australian government said this week that it will investigate the feasibility of a central bank digital currency as part of its effort to embrace cryptocurrency and digital assets following the Bragg report into the sector.

Treasurer Josh Frydenberg's ideas are part of the country's biggest payment system overhaul in 25 years.

Over 790 financial decision makers in Australia were polled for the Visa study. It discovered, among other things, the following:

36% of Australian cryptocurrency owners think they are extremely likely to use cryptocurrency to pay friends or family in the next 12 months, while 33% are extremely likely to purchase crypto items such as Non-Fungible Tokens (NFTs).

The primary reasons for holding and utilising bitcoin are to accumulate wealth (40%), to participate in the "financial method of the future" (34%), and to avoid missing out on the currency's potential increase (28 percent).

74 percent of Australian cryptocurrency owners express interest in crypto-linked cards, which enable users to spend bitcoin at stores in the same way they would a debit or credit card. Similarly, 73% are interested in crypto incentives, which allow you to earn cryptocurrency in exchange for using your credit card.

Over half (59%) of crypto-aware persons (27%) who already own or use bitcoin ("crypto-owners") report an increase in their use over the last year. The remaining three-quarters (73%) of crypto-aware Australians do not possess cryptocurrencies at the moment, but 26% have taken steps to learn more.

36% of cryptocurrency owners believe they are extremely likely to use cryptocurrency to pay friends or family in the next 12 months, while 33% are extremely likely to purchase crypto items such as Non-Fungible Tokens (NFTs).

Among cryptocurrency owners, the primary reasons for holding and utilising cryptocurrencies are to accumulate wealth (40%), to participate in the "financial method of the future" (34%), and to avoid missing out on the cryptocurrency's potential development (28 percent ).

Visa has responded to this increased interest by establishing a Global Crypto Advisory under Visa Consulting and Analytics in order to better educate clients about the sector.

Anthony Jones stated that it is intended for financial institutions considering a cryptocurrency offering, shops interested in NFTs, and central banks interested in digital currencies.

"Over the last year, there has been a noticeable shift in thinking across the payments industry, with businesses moving beyond a passing interest in crypto to developing a strategy and product roadmap," Jones explained.

"We are looking forwards to assisting our clients and partners, both globally and in Australia, as they navigate this new era of money flow."

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Cryptocurrency is becoming more widespread as a result of a number of causes, including institutional adoption, more accessibility through trading applications and social media, as well as increased acceptability and understanding. According to a new Visa poll titled "The Crypto Phenomenon: Consumer Attitudes and Usage," global awareness of cryptocurrencies is at 94% among those with discretion over their household finances.

According to Visa's analysis of the collected data, there are five distinct sorts of crypto-aware consumers in the modern marketplace: active owners, passive owners, sceptics, those who are intrigued, and those who are disengaged.

While cryptocurrency acceptance is still in its infancy, it is substantial – and expanding rapidly. Nearly one-third of crypto-aware consumers now own or use cryptocurrency (21% of respondents are active owners and 11% are passive owners), with 62% of all crypto holders reporting an increase in their ownership or use of cryptocurrency over the last year. Sixty-six percent of cryptocurrency owners indicated that they intend to raise the proportion of their investable assets held in cryptocurrency during the next 12 months.

Visa's survey shows various categories associated with cryptocurrency engagement.

Age, Gender, Ethnic Origin, Nationality, and Income Are All Statistically Significant When It Comes to Crypto, Survey Finds First, engagement is skewed towards men, as nearly two-thirds of consumers who transact with cryptocurrency are men — 65 percent of active owners — while a sizable majority of completely disengaged consumers — 57 percent — are women.

One notable exception to this tendency is Hong Kong, where there is negligible gender disparity in crypto market participation.

Additionally, Visa notes that interaction with cryptocurrency is highly correlated with age. Those with a higher level of crypto market activity are typically younger, whereas those with a lower level of — or no — engagement are typically older. In growing nations such as Argentina, Brazil, and South Africa, interest in cryptocurrency is also greater.

While white Americans account for more than half of cryptocurrency owners in the United States, non-white customers are driving crypto adoption. While nonwhite Americans make for 32% of poll respondents in the United States, they account for 44% of those who hold cryptocurrencies, compared to only 19% of those who are fully disengaged, the report shows.

Finally, wealthier customers are more likely to engage with crypto in several markets assessed. While income does not always play a role in adoption, participation is connected with income or socioeconomic status in Australia, the United Kingdom, Argentina, and Brazil, according to research.

The Inquiring, Skeptical, and Disengaged

According to Visa's data, "interested customers" account for 21% of respondents – individuals who have taken steps to educate themselves about cryptocurrency and have positive impressions of the sector but have yet to acquire any cryptocurrency.

This hesitance may be fueled by a belief in the difficulties of dealing with crypto: the interested cohort is significantly less likely than crypto owners to feel cryptocurrency is simple to use, with only 38% of curious respondents believing this, compared to 67% of crypto owners.

Consumers who are curious about cryptocurrency are predominantly Gen X or millennial, and are somewhat more likely to be female than male.

On the other hand, crypto doubters account for 11% of global respondents. Members of this category have taken steps to educate themselves about cryptocurrencies but have yet to purchase any — and have negative impressions about it.

Skeptics are less inclined towards cryptocurrency, the report adds, possibly due to their greater preference for minor risks with moderate rewards.

Additionally, crypto doubters tend to be older than curious buyers. Doubters are more likely to be members of the baby boomer generation, accounting for 31% of sceptics. Skeptics are equally likely to be male or female and learn about cryptocurrency primarily through word of mouth (39% of the time) and news websites (36 percent of the time).

Concerning individuals who are disengaged with crypto — 37% of respondents globally, according to Visa — these are consumers who have conducted no research on the subject and/or are apathetic to the concept. According to the data, disengaged consumers have a very similar attitude to doubters.

Those who are not engaged with crypto are more likely to be older than other responder categories and are also more likely to be baby boomers. Women make up the majority of the unengaged (57 percent). Uninvolved in cryptocurrency are more likely to hear about it while watching television (30%) — or through friends and family (28%) — than from any other source.

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Amsterdam, The Netherlands–(Newsfile Corp. – December 9, 2021) – The D-Drops team is proud to announce the launch of the WORLD'S FIRST Crypto SpaceDrop initiative. While many have heard of AirDrops, this is the WORLD'S FIRST Crypto SpaceDrop. D-Drops aspires to be a unique endeavour by hosting Treasure Hunt events.

Functions of D-Drops

D-Drops employs a transaction tax to generate valuable goods such as boxes comprised of cryptocurrencies, tokens, and NFTs, or any combination thereof, then digitally drops them in the physical world.

Holders can then utilise the DApp to find and collect these goods. Additionally, users will be able to build their own treasures by filling boxes and leaving them on the spot or in a location of their choice for others to collect.

Treasure Hunting Adventure

D-Drops is hosting a Treasure Hunt for all of its holders. Along with other prizes, the Treasure Hunt will include a one-of-a-kind NFT produced in partnership with a renowned NFT artist.

The SpaceDrop will be live-streamed and will be complemented by a digital airdrop event, allowing people in other areas to participate in the fun as well.

Drop of Physical Treasure

D-Drops will transport a physical prise into space. The launch's cargo will be dropped at an altitude of 150,000 feet. The payload's landing location is unclear, although it will be within a 300-kilometer radius of the launch site.

After the Treasure securely lands on the earth's surface, a GPS signal is transmitted and a 1KM area is displayed on the Treasure Seeker DApp. Additionally, the DApp enables users to file a claim request and claim the wealth discovered.

Voting For The Site

Holders of the $DOP token will have the ability to vote on the SpaceDrop's location. The vote will take place prior to the event. To ensure the legitimacy of the votes, a blockchain-based voting mechanism will be employed.

Schedule for SpaceDrop

According to the approximate schedule, the D-Drops team plans to deploy the SpaceDrop in Q1 of 2022.

Behind the Scenes

D-Drops was formed by three Dutch brothers who had prior experience in the technology industry. The brothers hold degrees in aerospace engineering, physics, mathematics, computer science, marketing, and artificial intelligence.

Vision

The primary goal of D-Drops is not to replace people's physical experiences with the Metaverse/VR, but to augment them with AR.

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With a Bitcoin IRA account, you can defer taxes on any cryptocurrency earnings.

A decade ago, cryptocurrencies were deemed unsuitable for institutional investors. However, as any entrepreneur will tell you, there is no such thing as risk-free innovation. And today, cryptocurrencies are mainstream because a small group of believers was willing to take a chance. While you presumably cannot stroll into a grocery store and purchase milk and eggs with cryptocurrency, innovators such as Bitcoin IRA have created crypto credit cards, crypto savings accounts, and even a tax-free bitcoin IRA.

Why would you want to invest in a cryptocurrency IRA? Cryptocurrency is the twenty-first century's alternative asset class. Bitcoin's price has soared from $745 five years ago to $60,000 today, a 7,953 percent increase. Coinbase, the world's largest cryptocurrency exchange, has been upgraded to a publicly traded company with a market capitalisation of about $100 billion. El Salvador became the world's first country to use Bitcoin as legal cash recently, and some analysts believe Brazil may follow suit. Meanwhile, 70% of institutional investors in the United States currently invest in or plan to participate in cryptocurrency in the near future. Additionally, the global cryptocurrency market is now worth more than $2 trillion.

Of course, there is still some volatility in the cryptocurrency market, and no one is advising investors to put all their eggs in this basket. However, how about some eggs? Cryptocurrency has shown to be an effective inflation hedge, and many experts believe it could eventually supplant gold as the primary hedging asset.

Therefore, if you're interested in adding cryptocurrency to your investing portfolio, one of the most prudent methods to do so is through a Bitcoin IRA.

What is a Bitcoin Individual Retirement Account (IRA)?

A Bitcoin IRA account enables you to designate bitcoin assets as retirement savings, benefiting from the same tax reductions available on traditional investments. Therefore, if you invest in a currency whose value skyrockets, all of your profits will be tax-free.

As you might think, a Bitcoin IRA is subject to many of the same laws as a traditional IRA. This means that there are early withdrawal penalties if you cash out before reaching the age of 59. Additionally, you can only contribute "earned income" to your crypto IRA, which implies you cannot simply move in your existing crypto assets.

However, when you open a Bitcoin IRA account, you do receive a few tax benefits that standard IRAs do not. For example, donations to regular IRAs are typically capped at approximately $6,000 each year. However, there is no annual investment cap with a Bitcoin IRA account. Additionally, just because you are unable to transfer your existing crypto holdings into your Bitcoin IRA does not imply you must start completely over. You can transfer any existing retirement savings accounts into your Bitcoin IRA account without incurring any fines or fees.

A Bitcoin IRA can be used for all of your cryptocurrency needs.

Bitcoin IRA is a full-service platform for cryptocurrency trading and investing. When you sign up, you gain access to a professional staff that can assist you in setting up and funding your account. Whether the funds are being transferred from an existing IRA or your ordinary checking account, the Bitcoin IRA customer support staff will initiate and finish the transaction.

Once set up, you can trade Bitcoin IRA's straightforward, beginner-friendly online platform 24 hours a day, seven days a week. All of your digital assets are securely saved in your BitGo Wallet, which includes 256-bit SSL encryption, offline cold storage, and insurance coverage of up to $100 million.

There is no such thing as a risk-free investment. However, as we've seen repeatedly over the previous few years, investing correctly in crypto can result in significant profits.

If earning money sounds appealing but paying back half of it in taxes does not, then starting a Bitcoin IRA account now may be ideal.

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The Australian government is seriously considering the implementation of central bank digital currency (CBDC) and has endorsed a slew of forward-thinking regulatory crypto-proposals as part of a new "payments and crypto reform plan."

The reforms, according to Treasurer Josh Frydenberg, "will firmly place Australia among a handful of leading countries in the world."

The reform plan is said to be the biggest shake-up of the Australian payments system since the 1990s, with the innovative proposals put forwards by an Australian Senate Committee in September laying the groundwork for the crypto-related groundwork.

According to the Australian Financial Review, the government supports six of the Senate Committee's proposed reforms, including a licencing regime for cryptocurrency exchanges, laws governing decentralised autonomous organisations, and a common access regime for new payment platforms.

Two proposals relating to tax and financial compliance have been referred to their respective government bodies for consideration, while another proposal relating to renewable energy Bitcoin mining tax breaks has been rejected.

In a speech today at the Australia-Israel Chamber of Commerce, Treasurer and Deputy Leader of the Liberal Party Josh Frydenberg outlined the government's plans for crypto regulation, taxation, and CBDCs (AICC).

"What is clear is that if we embrace these developments, Australia will have a tremendous opportunity to capitalise on the convergence of finance and technology," he said.

Concerning CBDCs, an unnamed senior government source told The Australian on December 7 that a retail scale "RBA [Reserve Bank of Australia] backed Bitcoin or cryptocurrency" is being considered and will be a key component of the government's regulatory reform on digital payments.

During his AICC speech, Frydenberg was upbeat about crypto asset reform:

"These reforms will address the ambiguity that can exist regarding the regulatory and tax treatment of crypto assets and new payment methods for businesses." As a result, it will generate even more consumer interest, facilitate even more new entrants, and enable even more innovation."

"These changes will establish a regulatory framework to underpin their growing use of crypto assets and clarify the treatment of new payment methods for consumers," he added.

The government appears set to ignore one Senate committee proposal: a 10% tax break for Bitcoin miners who use renewable energy. Swyftx's Michael Harris, the head of corporate development, told Cointelegraph:

"We believe this was a political decision." The reality is that, no matter how noble the intention, it will be difficult for any government to separate an industry like BTC mining from other energy consumers."

However, Harris stated that the "noises coming out of government at the moment are promising," as the government appears to have recognised the need to implement consumer protection laws while not stifling innovation.

"However, the devil will be in the details, and we are especially keen to avoid a system that limits customer choice by stacking the deck in favour of large, traditional financial players."

Senator Andrew Bragg, who spearheaded the recent crypto proposals, told Cointelegraph in a statement that Frydenberg's crypto and fintech reform plan will put "Australia on the tech map":

"Under the Treasurer's plan, Australia will be a world-leading crypto hub." New consumer protection rules will also benefit Australian consumers."

"The rest of the world is watching Australia, which is now setting the global standard for crypto, payments, and digital wallet reform," he added.

Caroline Bowler, CEO of local crypto exchange BTC markets, applauded the reforms, calling them a "significant step forwards to upgrade Australia's one-size-fits-all regulatory framework in real-time."

"It's encouraging to see that the gaps in Australian regulation relating to digital financial products and the exchanges that support them are finally being addressed at the highest level of authority, and the Coalition Government is not shying away from the big issues surrounding crypto, payments, and de-banking," she said.

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The latest offering from the company is aimed at financial institutions looking to attract customers with a crypto offering, retailers interested in exploring NFTs, and central banks interested in digital currencies.

As the adoption of digital currencies accelerates, Visa Inc, the world's largest payment processor, has launched a global crypto advisory service for clients such as banks and merchants.

Visa's announcement on Wednesday comes against a backdrop of unprecedented investor demand for cryptocurrency services.

"We came to Visa to learn more about crypto and stablecoins, as well as the use cases that are most relevant for our retail and commercial business lines," Uma Wilson, executive vice president at UMB Bank, a regional US lender, explained.

The company's most recent offering is aimed at financial institutions looking to attract or retain customers with a crypto offering, retailers interested in non-fungible tokens (NFTs), and central banks interested in digital currencies.

Visa's services include educating institutions about cryptocurrencies, allowing clients to use the payment processor's network for digital offerings, and assisting with backend operations management.

According to a new global study conducted by Visa, nearly 40% of cryptocurrency owners polled would be likely or very likely to switch their primary bank to one that offers crypto-related products within the next 12 months.

Stability of prices

Visa currently uses its network to facilitate the purchase, sale, and custody of digital currency.

It also provides a credit card that allows users to earn bitcoin on purchases, as well as the ability to settle transactions on its payment network using USD Coin, a stablecoin cryptocurrency whose value is directly pegged to the US dollar.

However, price stability is required for cryptocurrencies such as bitcoin to be used as a medium of exchange, according to Visa's Chief Financial Officer Vasant Prabhu.

"It's very difficult for a merchant to accept bitcoin as a currency if the price fluctuates from $60,000 to $50,000 in a few hours," Prabhu said.

"I'm not sure cryptocurrencies like bitcoin will ever be used as a medium of exchange. Stablecoins are expected to, "He went on to say that Visa would facilitate such transactions when the time came.

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The Federal Government has signalling its intention to reform Australia's payment systems in order to strengthen regulation of digital payment methods and cryptocurrencies.

This week, Treasurer Josh Frydenberg stated that Australia's regulatory framework for payment systems has remained largely unchanged since the 1990s, despite a sea change in how consumers shop and spend.

Additionally, with numerous central banks worldwide developing their own digital currencies, Mr Fryenberg stated that Australia cannot afford to be "disenfranchised" in the new era of digital payments.

"Australia's sovereignty over the payment system must be preserved," Mr Frydenberg stated.

A shifting landscape of payment methods

My Frydenberg's speech highlighted the evolution of Australia's payment landscape over the last several decades.

He cited a decline in the use of checks as an example of this transformation. In 1985, the Treasurer reported that cheques accounted for 85 percent of non-cash transactions. By 1995, this figure had dropped to 38%, and cheques now account for less than 0.2% of all non-cash transactions.

On the other hand, cash usage is declining, having fallen from approximately two-thirds of consumer payments a decade ago to less than one-third today.

The Reserve Bank of Australia's payment data confirms this, indicating that Australians are carrying less and less cash as the years pass.

According to RBA data, approximately 75,000 cash withdrawals from ATMs were made in December 2008 across Australia, totalling approximately $13.5 billion in cash.

This number has steadily declined since then, with only 25,000 ATM withdrawals totalling $7 billion in September 2021.

On the other hand, nearly half of all Australians now make the majority of their payments via mobile phone, and the country has over five million active buy now, pay later customer accounts.

"The global crypto-asset market is valued at more than US$2 trillion, with approximately 220 million participants," Mr Frydenberg said.

"And over 800,000 Australians have transacted digital assets over the last three years, representing a 63 percent increase over 2020."

These trends are only going to intensify as payment technology advances and consumers continue to shop online.

As such, the Federal Government announced in early 2022 that it would begin consulting on establishing a licensing framework for digital exchanges and enabling consumers to purchase and sell crypto assets in a regulated environment.

What is the payment reform plan?

Australia's payment system reforms will aim to strengthen regulation of digital payments and cryptocurrencies without outright prohibiting them, as countries such as China and India have done.

For businesses, the reforms will address "the potential for ambiguity regarding the regulatory and tax treatment of crypto assets and new payment methods," Mr Frydenberg said.

"By doing so, it will pique additional consumer interest, facilitate additional new entrants, and enable additional innovation."

Consumers will gain "greater confidence" in their crypto transactions and new payment methods as a result of the reforms. While this will not alleviate the cryptocurrency market's volatility, it will provide consumers with greater peace of mind regarding who they are dealing with and the obligations they owe to crypto exchange platforms.

The Treasurer stated that the first set of reforms will take effect by mid-2022 and will include a licensing framework for digital currency exchanges, a custody or depository regime for businesses that hold crypto assets on behalf of consumers, and policy advice on how to address the "complex issue of de-banking."

More reforms will be implemented by the end of 2022, including a framework to replace Australia's current "one-size-fits-all" payment licensing arrangements and an appropriate tax framework for digital transactions and assets.

"Our reforms are therefore aimed at ensuring that only legitimate providers participate in the system and that they are appropriately regulated alongside 'traditional' providers that provide comparable services to consumers," Mr Frydenberg said.

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Interest rates at an all-time low have fueled Australia's rapid housing price growth.

Bitcoin (BTC) and Ethereum (ETH) have garnered considerable attention in recent months.

That is partly due to the fact that they both set new all-time highs in November. And in part as a result of the rapid mainstreaming of cryptocurrency adoption.

Even the Reserve Bank of Australia (RBA) and the Australian Treasury are discussing the possibility of launching a Central Bank Digital Currency (CBDC).

Now, according to the latest YouGov research commissioned by crypto wealth platform Dacxi, Australians are increasingly turning to crypto to build wealth, with 4 in 10 believing the Australian housing market is in a bubble.

Plans to invest in cryptocurrency are increasing in response to concerns about a housing bubble.

According to the survey, 30% of Australian adults believe that "crypto will create more value than housing over the next decade."

As expected, younger respondents were more optimistic about the future of crypto than older respondents were about the future of housing. 45 percent of Millennials agreed that cryptocurrency would likely outperform real estate over the next decade, compared to only 15% of Baby Boomers.

According to those who have previously invested in digital assets, 81% believe crypto will generate more value than real estate over the next decade.

According to the survey, 17% of Australians are considering investing in cryptocurrency to save for a down payment on a house, while 56% are doing so to build long-term wealth.

Another noteworthy survey finding revealed that 29% of Australians believe it is critical to include cryptocurrency in one's investment portfolio.

Ian Lowe, CEO of Dacxi, commented on the survey results and the pronounced differences in responses across age groups.

Vanguard has accomplished remarkable things in terms of democratising access to traditional assets, but it has a crypto blind spot. The next generation is looking for a safe haven asset class that will perform well over time and is accessible to younger, less established investors.

Two tokens that are believed to provide the best 12-month returns

Bitcoin and Ethereum were ranked first and second on respondents' list of cryptos that they believe will provide the highest returns over the next 12 months.

Lowe's assessment:

Bitcoin recently reached another record high of US$68,521, before plummeting to US$53,701 over the next two weeks. Picking price peaks and troughs, even for professional traders, is nearly impossible. However, Bitcoin's one-year and three-year returns are 190.7 percent and 235.2 percent, respectively, outperforming even the booming stock market. Additionally, other prominent cryptocurrencies such as Ethereum are performing well.

It's unsurprising then that these two coins are considered most likely to provide the best returns over the next 12 months by 58 percent and 47 percent of respondents, respectively.

Is now the right time to invest $1,000 in Bitcoin?

You'll want to hear this prior to considering Bitcoin.

Scott Phillips, a Motley Fool investing expert, recently revealed his top five stocks for investors to buy right now... and Bitcoin was not one of them.

For nearly a decade, he has provided thousands of paying members with stock picks that have doubled, tripled, or even increased in value. And Scott believes that there are five better buys right now.

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