The Australian Libertarian Party just dropped a bombshell: a plan to create a national Bitcoin reserve. This isn’t some small idea; it’s a major policy proposal detailed in their new Bitcoin Policy Whitepaper, unveiled at the BitcoinAlive event on March 8th.
Bitcoin Reserve: A Hedge Against Inflation?
The core idea? An “Australian Strategic Bitcoin Reserve” (SBR). The party argues that Bitcoin’s limited supply (only 21 million coins will ever exist) makes it a great shield against inflation. They see it as a way to diversify the country’s assets and boost financial resilience. Funding could come from various sources, including government surpluses and asset sales.
Financial Freedom and Self-Custody
The Whitepaper pushes hard for individual financial freedom. A big part of this is the right to “self-custody”—meaning people should be able to control their own Bitcoin without relying on banks or other intermediaries. They argue this protects against government overreach and points to past financial crises as evidence.
Bitcoin: Legal Recognition and Fair Treatment
The party wants Australia to fully embrace Bitcoin. This includes:
- Removing Capital Gains Tax (CGT) on Bitcoin transactions: Making it easier for people to use Bitcoin in everyday life.
- Clearer regulations: Providing a legal framework that encourages Bitcoin adoption.
- Fair treatment of Bitcoin mining: The party wants to encourage mining using renewable energy, focusing on environmental responsibility and grid stability, while avoiding overly restrictive regulations. They point to China’s mining ban as a cautionary tale.
Will This Actually Happen?
The Libertarian Party is a smaller player in Australian politics. One Bitcoin user commented that while the proposal is interesting, the party’s influence is limited, and the major parties haven’t shown much interest in Bitcoin policies. So, don’t expect the price of Bitcoin to jump based on this announcement alone. At the time of writing, Bitcoin’s price was under pressure.
