A top executive from a prominent Australian taxpayer group has publicly endorsed the world’s biggest cryptocurrency by announcing her first ever Bitcoin purchase.
Emilie Dye, director of policy at the Australian Taxpayers' Alliance, or ATA, tweeted on April 1 that she had bought her first Bitcoin: “Today, I made my first Bitcoin purchase. Wahoo!” This triggered excitement in the crypto community, with the tweet amassing about 5,900 likes as of press time.
Dye clearly didn’t expect the excitement and later elaborated:
“I couldn’t have asked for a warmer welcome to the Bitcoin fold. If anything, the number of comments and likes shows thousands are invested in Bitcoin and confidence is high. Feeling even more secure in my investment, if that is possible. Thank you all!”
Buying first Bitcoin is not that easy
Talking to Cointelegaph, Dye revealed that she has been aware of Bitcoin for many years but only began closely following the industry in the last few months. The executive admitted that buying the first Bitcoin “wasn't the most straightforward process,” adding that she received solid advice from industry insiders. Dye added that she “would not recommend anyone invest in bitcoin blindly” without thorough research first.
“I saw the purchase as a flight to safety”
The ADA policy director also admitted that the ongoing economic turmoil has impacted her decision to invest in crypto. Noting that people tend to invest in gold and other precious metals during a recession due their limited supply, Dye expressed confidence that Bitcoin is a digital gold.
“The economic downturn and the corresponding dip in the value of bitcoin prompted me to action. I like to buy things when they are on sale. I also saw the purchase as a "flight to safety." [...] Rather than trusting in the excessive spending of politicians to uphold the value of the Australian dollar, I decided to put my money into a decentralised currency.”
Amid the Australian government considering to ban cash transactions over $10,000, Dye also outlined the privacy and independence of cryptocurrencies. She noted:
“While few people make $10,000 cash transactions, the limit is not tied to inflation so will slowly strangle one of the banking system's largest competitors: cash. People deserve an alternative to banks and credit card companies; without cash, cryptos are that competitor.”
BTC tax situation in Australia
The ATA is a major activist and advocacy organization in Australia. They are committed to promoting the rights of local taxpayers, and frequently oppose over-regulation and overtaxation. Cointelegraph reached out to Dye with additional queries and will update if we hear back.
The ATA’s latest move towards crypto comes amid extreme global and local economic turmoil. Yesterday, Australia’s major stock market index, ASX 200, dropped nearly 2% as shares of the country’s major banks, such as Commonwealth Bank of Australia and Westpac, sold off.
According to Australia’s official guidance framework on crypto taxation, cryptocurrencies like Bitcoin are subject to capital gains taxes as a form of property. In a March 12 interview with Cointelegraph, the Australia Tax Office said that they had launched a major campaign to prompt as many as 350,000 crypto investors to comply with their tax obligations.
Update 12:00 UTC: This article was updated to add additional information provided by the ATA executive Emilie Dye.