Log in
- > Bitcoin Surges to New All-Time High Amid Soaring ETF Inflows
- > Australia appoints Andrew Charlton as the Assistant Minister for the Digital Economy
- > Coinbase breaks new ground as the first crypto company in the S&P 500
- > Is Bitcoin cash, property or…theft-proof information? Australian judge makes landmark ruling
Bitcoin Surges to New All-Time High Amid Soaring ETF Inflows
It took more than four months – but we’re back. Bitcoin has broken the all-time high it set in January 2025, with CoinGecko reporting its record price as $109.5k USD.
It didn’t stop there though. By the end of the day, BTC had nearly breached $112k USD.
The last week saw BTC climb nearly 6%, outperforming nearly every other project in the top 20 cryptocurrencies by market cap.
Bitcoin’s move to a record high comes on the heels of a whirlwind start to 2025 for all financial markets. To say that the United States has had a major impact on price action would be… a bit of an understatement. The economic policies of Donald Trump have caused uncertainty across the global markets – with consumer confidence in the US dropping to three-year-lows.
However, as clarity and leniency started to emerge from the Trump tariff war, optimism began to permeate.
Things really started to heat up last week, when several altcoins posted massive weekly gains (Ethereum 40+%, Dogecoin 40+% and Sui 20+%).
At first glance, BTC didn’t have quite as much of an explosive fortnight as its altcoin alternatives. However, from the coin’s yearly low of approx. $76k USD, it has surged nearly 47% in price to today’s all-time high. Not a bad effort for barely six weeks of trading.
A key pillar of Bitcoin’s strong performance since late April has been a resurgence of spot ETF inflows. The two trading days preceding BTC’s ATH saw approximately $1 billion USD of positive flows into spot ETFs – marking five straight days of net inflows.
So now when you grab a slice of za to celebrate Bitcoin Pizza Day – you won’t just be celebrating Laszlo Hanyecz’s billion-dollar pizzas.
You’ll also be celebrating a new all-time high.
Australia appoints Andrew Charlton as the Assistant Minister for the Digital Economy
The Australian Federal election has wrapped up, with the Labor Government forming a significant majority in the House of Representatives.
With both parties espousing digital asset regulation as a priority during their campaign trail, Prime Minister Albanese has acted swiftly to follow through on this promise.
Late last week, the Prime Minister’s office announced the appointment of MP Andrew Charlton as the Assistant Minister for the Digital Economy. This forward-thinking role will see Charlton charged with policies for emerging technologies such as blockchain, artificial intelligence and more.
Swyftx CEO, Jason Titman, welcomed the appointment, suggesting the broader blockchain community Down Under was buoyed by the announcement.
‘Andrew has a deep understanding of blockchain, coupled with a genuine belief in its potential to support the Australian economy…[his position] is unequivocally good news for crypto in Australia…the blockchain industry is cheering’.
– Swyftx CEO Jason Titman
Much of the optimism surrounding the news comes from Charlton’s history as a cryptocurrency supporter, having advocated for a digital asset framework that fosters blockchain innovation in Australia.
Charlton has previously worked on digital asset trading platform licensing, and is set to play a major role in new crypto regulation that may be drafted this year.
The new regulatory infrastructure aims to protect consumers while preventing banks from rejecting crypto transactions without a clear reason – among other industry changes.
Coinbase breaks new ground as the first crypto company in the S&P 500
The company’s stock, COIN, jumped over 25% within a few hours of the news hitting the market.
If you own any stocks that reflect the Standard and Poor’s 500 index, you are about to (indirectly) be exposed to a small fraction of Coinbase’s company.
Okay, look – you likely won’t be able to walk into their offices and demand VIP treatment as a 0.0000001% owner. However, you will still be part of the story of the first crypto company to join the top 500 publicly traded firms in the US (according to S&P).
The S&P 500 is renowned as one of the most influential indices in the financial world. For nearly 70 years, Standard and Poor’s has hand-picked and tracked the performance of the United State’s 500 biggest corporations on the stock market.
Now, Coinbase (ticker: COIN) is etching its name into the storied legacy of S&P 500 companies.
It marks a huge milestone for the fast-maturing crypto sector.
Less than three years ago the industry looked to be in serious jeopardy. The collapse of TerraUSD wiped out billions from DeFi, and the contagion caused by the FTX debacle sent shockwaves through the market.
Fast-forward to 2025, and the US Government has initiated steps to establish a holding of Bitcoin in a strategic reserve, many of the world’s largest financial institutions hold billions of dollars worth of crypto, and now, a crypto exchange sits in the top 500 US stocks.
It’s important to note that the S&P index doesn’t just pick the top 500 stocks by market cap and call it a day. Included companies are hand-picked by a committee and must fit criteria such as:
- High liquidity;
- Reported positive earnings over its past four quarters; and
- Maintain a diverse and accurate reflection of the US economy
As you might expect, the news sent Coinbase’s stock soaring. Over the past month, COIN gained approximately 50% and was trading well over $250 USD at one point.
Interestingly, Coinbase’s share price is still down from its all-time high in late 2021. In fact, COIN has actually fallen about 20% since December 2024 as of publication.
This data suggests that, despite a relatively significant dip in market cap, the broader economic significance of Coinbase, and crypto exchanges as a whole, continues to grow in the US.
Coinbase CEO Brian Armstrong summed the news up succinctly:
‘Crypto is here to stay.’
Is Bitcoin cash, property or…theft-proof information? Australian judge makes landmark ruling
For over a decade, the Australian Tax Office has deemed Bitcoin – and other crypto assets – to be a ‘CGT asset’ and ‘not a form of money’ for taxation purposes.
This generally means that BTC profits are taxed similarly to other investments (like shares or real estate).
However, news coming from a Victorian Magistrate’s Court could reportedly place some strain on the ATO’s classification of digital currencies.
Earlier this week, former Australian Federal Police (AFP) Officer William Wheatley stood trial for allegedly stealing 81.6 BTC in 2019. He was accused of taking the Bitcoins from a hardware wallet seized during a drug-trafficking raid.
Wheatley’s defence lawyers argued that because Bitcoin isn’t property, but information – it therefore can’t actually be stolen.
This assertion did not convince the presiding Magistrate Michael O’Connell, who ruled that Bitcoin has historically been treated as property by the ATO, despite no official laws stating this.
‘There have…been a number of family law cases that treat cryptocurrency as property…I find the argument that cryptocurrency has not yet reached a state that is comfortably analogous to a form of money unpersuasive.’
– Magistrate Michael O’Connell
The Australian Financial Review, among other publications reported the Magistrate compared Bitcoin to ‘Australian money’ rather than ‘foreign currency, shares or gold’.
According to tax lawyer, Adrian Cartland, this could have significant ramifications for the tax treatment of crypto Down Under.
‘The reasoning totally upends the ATO’s view because it was held that Bitcoin is Australian money…That is, it is not a CGT asset. Therefore, acquisitions and disposals of Bitcoin have no tax consequences.’
– Adrian Cartland, Tax Lawyer
Some commentators have speculated that if the Magistrate’s decision was upheld and led to a change in legislation, it could have implications for CGT payments already paid.
However, there’s still a long way to go before the court battle reaches its conclusion, with an appeal not expected to be heard until later this year.
Some in the media have suggested the court deemed Bitcoin wasn’t property – this is not the case. Rather, Judge O’Connell ruled it is ‘characterised as property’, however, that it functions more like money than stocks or real estate (according to the AFR).
Given the potential significance of the Magistrate’s ruling, Cartland believes the debate may make it all the way to the High Court of Australia.
*The Magistrate’s ruling is not binding on higher courts or the ATO, and the ATO’s current position on the taxation of cryptocurrencies as CGT assets remains unchanged. Individuals should not alter their tax reporting or compliance based on this preliminary ruling.
Important Disclaimer: The information provided in this newsletter is for general informational purposes only, and does not constitute financial, investment, legal, or tax advice. All investment strategies and investments involve risk of loss. Nothing contained in this newsletter should be construed as investment advice. Any reference to an past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. Readers should consult with a qualified financial advisor, legal professional, and/or tax professional before making any investment decisions or acting on any information provided herein.
Ben Knight
