Australians are reportedly pouring big money into bitcoin, which hit a new high value of A$7044 each on Friday, after leaping 75 percent in less than a month.
“We are getting between 100 and 200 new users every day,” said Adrian Przelozny, CEO of Independent Reserve, a Sydney bitcoin exchange, according to a Fairfax report. “The amount of regulatory work in Australia has people feeling much more confident in bitcoin, so we’re seeing all different kinds of people investing. This is a global trend, too,” he said.
Przelozny said typical accounts were set up with between $20,000 and $50,000 and the company was handling up to $4 million a day.
Austrac recently amended the Anti-Money Laundering and Counter Terror Financing Act and outlined fines for operating unregistered bitcoin exchanges – a trend hailed by Przelozny, who said such moves were “slowly legitimising bitcoin”.
Bitcoin trading volumes in Japan and South Korea have also surged in recent weeks, following the closure of Chinese exchanges last month and the banning of ICO (initial coin offering) activity in China.