Bitcoin to US$200K by 2025?

Weekly crypto wrap: 24th October 2024

TLDR

• New mobile app release: in-app card deposits!
• Paul Tudor Jones highlights gold and Bitcoin as key hedges against rising inflation.
• Bitcoin options traders bet big on US$80K regardless of US election outcome.
• Bernstein predicts Bitcoin could reach US$200K by 2025, with strong option bets.
• Tokenised treasuries: a game-changer for collateral in crypto markets.
• Chainlink and Swift unveil blockchain payment solution for traditional finance.
• BTC Markets’ CEO to speak at the Singapore FinTech Festival 2024.

BTC Markets announcements

New mobile app release: in-app card deposits!

We're pleased to announce the release of the mobile app card deposits feature, where you can easily and securely deposit AUD using your credit and debit card.

This feature is now available in our latest release. Update your mobile app version or download the mobile app now from the App Store (iOS) and Google Play Store (Android).

Fully verified customers are now able to securely deposit AUD to their BTC Markets account using an Australian issued VISA or Mastercard credit or debit card.

Key features include:

• Simple and secure card deposits using Stripe
• Apple Pay card deposits available on iOS
• Link deposits available on both iOS and Android
• Input validation to reduce errors and mistakes.

See our help articles: How to deposit using a bank card for step-by-step guides to complete your first card deposit via the mobile app.

Read more here.

Thank you for supporting the ASX Markets Day for Charity.

On Tuesday, 15 October 2024, BTC Markets joined forces with Australia’s financial markets to raise funds for the ASX Refinitiv Charity Foundation. Alongside the ASX and nabtrade, this annual event strives to improve the lives of thousands of Australians.

This year, an outstanding $710,000 was raised for 19 charities. We are proud to have contributed to this remarkable achievement and look forward to continuing our support in 2025!From all of us at BTC Markets, thank you for being part of this inspiring journey. Your generosity makes a real difference in the lives of those in need.

Read more here.

2024 Singapore FinTech Festival

Financial crime: Anatomy of a scam.

BTC Markets CEO, Caroline Bowler will be a key panellist at the Singapore FinTech Festival, the world’s largest FinTech event. Appearing alongside Rene Michau, Global Head of Digital Assets at Standard Chartered, Amanda Wick, Principal at Incite Consulting, and Dina Mainville, Founder and President of Collisionless.

In this session, they will discuss "Financial Crime: Anatomy of a Scam" on Friday, 8 November, at the Regulation Stage. Don’t miss this chance to gain valuable insights into the pressing challenges facing the industry.

Register for your pass here.

BTC Markets Investor Study Report 2024 is live!

The third edition of the BTC Markets Investor Study Report highlights shifting dynamics in cryptocurrency investment. Once led by small retail investors, growth is now driven by non-retail participants such as sole traders, trusts, and SMSFs, reflecting a move toward long-term strategies.

Myths about demographic engagement are dispelled in the report, revealing that older generations and women are increasingly adopting traditional investment approaches to digital assets. The findings point to a growing sophistication in investment strategies, with established investors playing a key role in shaping the future of the market.

Read the Investor Study Report 2024 here.

Congratulations to the winner of the ‘Team Tori’ T-Shirt giveaway.

A big congratulations to @GreenTyler27 (from X/Twitter) for winning the signed ‘Team Tori’ T-shirt in our recent giveaway!

Thank you to everyone who participated and showed support for our sponsored Australian Olympian and blockchain entrepreneur, Tori West.

Stay tuned for more exciting opportunities and giveaways.

Real Vision Deep Dives with Chief Crypto Analyst, Jamie Coutts.

Reality Check: Bull Market Correction.

The past six months have been tough for crypto markets, but a strong foundation is being laid beneath the surface of volatile prices and supply overhangs. Smart contract platforms (SCP) — the backbone of the digital asset ecosystem — are quietly experiencing increased adoption and capital inflows.

Despite concerns over potential political headwinds — a Harris victory or a more fiscally responsible Republican government could impact sentiment — the basis for assessing a secular technology, Blockchain, or adoption, appears to have its own momentum at this point.

Read the preview report: ‘Reality Check: Bull Market Correction.’

Unpacking the ATO’s latest guidance on crypto taxes for DeFi with Crypto Tax Calculator.

Our Head of Finance, Charlie Sherry, catches up with Patrick McGimpsey from Crypto Tax Calculator to talk about the latest guidance from the Australian Taxation Office (ATO) on the taxation of Decentralised Finance (DeFi).

Watch the video here.

Plus, use our exclusive discount code BTC30 to enjoy a 30% saving on all CTC plans before 31 October 2024. View more details here.

Start your crypto journey with BTC Markets' beginner's guide.

Explore the world of cryptocurrencies with BTC Markets' beginner's guide. Our Learn Section is crafted specifically for newcomers eager to understand the crypto space.

What you’ll find in our Learn Section:

• Introduction to cryptocurrencies: Explore the fascinating world of cryptocurrencies and their potential role in the future of finance.
• Getting started in crypto: Learn the basics about crypto wallets, exchanges and creating an account.
• How to buy and sell crypto: Learn how to buy, sell, and store crypto on an exchange, and secure your assets with best practices.
• How to stay safe in crypto: Stay safe in the crypto space by understanding the common scams and how to avoid them.
• Crypto tax requirements: Understanding the regulatory landscape and tax reporting requirements for crypto.

Visit our Learn Section today and start your journey towards becoming a confident and informed crypto enthusiast. With BTC Markets, the future of finance is at your fingertips.

Explore now.

Ticker News ‘Crypto Corner’ featuring Tori West.

In this episode, Caroline catches up with Tori West, a 2024 Paris Olympian and BTC Markets-sponsored athlete. They delve into her experience at the Olympic Games and the journey behind her blockchain company, Equil Labs.

Tori discusses how her passion for innovation inspired the creation of Equil Labs—a platform focused on tokenising sports and health data for athletes. The episode also explores the motivations behind Equil Labs, its impact on the sports industry, and what’s next for Tori in the 2024/2025 seasons.

Watch on YouTube or Ticker News.

BTC Markets in the news

AFR: Bitcoin traders’ position for ‘seismic’ shift under Trump.

BTC Markets, which is Australia’s largest crypto exchange, said nearly half the people logging on to its platform were doing so to look at the market, rather than to sell assets because prices were expected to go higher.

“People are sitting on the sidelines, waiting, and my expectation is they’re doing that because they think bitcoin can go higher, so they’re waiting for that before selling any positions,” Ms Bowler said.

“If we see a breakout in prices of any kind it will be exuberant. There is still a lot of dry powder on exchanges – a lot of retail traders who have left assets on platforms to come back in again.”

Read the full article here.

Livewire Markets: Part 3 of 3 series: Bridging the ‘generational gap’ in crypto.

In our latest article for Livewire Markets, Caroline Bowler explores a significant shift in the cryptocurrency landscape. Contrary to common perceptions, it’s not solely the young and tech-savvy who are entering the crypto space. Older Australians are increasingly investing in cryptocurrencies, often making larger initial deposits and maintaining substantial portfolios, although they trade less frequently.

Meanwhile, younger investors continue to be the most active traders, demonstrating a strong eagerness to engage with market dynamics. This trend underscores the growing acceptance of crypto as a legitimate investment vehicle across all age groups, highlighting a more inclusive and diverse investment community.

Read the full article here.

Livewire Markets: Part 2 of 3: Female investors ‘closing the gap’ in crypto.

The BTC Markets Investor Study Report, now in its third edition, covers data from our exchange spanning FY21 to FY24, drawing on comprehensive insights from trading behaviour and portfolio values, segmented by demographics of our 362,000 clients.

The rise of the ‘Crypto Queens’: According to the study, males had a 13% higher average portfolio size than women in FY21 and FY22. However, in FY23 and FY24, this gap reduced to -1.63% and -0.81%, respectively, indicating that females now hold slightly larger portfolios on the BTC Markets platform.

Read the full article here.

Livewire Markets: Part 1 of 3: Sophisticated investors to drive crypto’s revival.

According to the latest BTC Markets Investor Study Report 2024 launched last week, non-retail investors' initial deposits grew by an impressive 189%, while retail investors experienced a decline of 15%. Additionally, Self-Managed Super Funds (SMSFs) and trusts also saw increases, with deposit growth rates of 50% and 12%, respectively.

Read the full article here.

Fear & Greed podcast: Crypto not just for '25yo men in hoodies' anymore.

Sophisticated investors are moving into cryptocurrency, with trading volumes suggesting established investors are now shaping the future of digital assets.

Caroline Bowler, CEO of BTC Markets, talks to Sean Aylmer about the shift away from the small retail investors that typified the early crypto boom.

Tune into the full interview here.

Money News: More Australians are looking to invest in cryptocurrency, with women & those 55+ getting in on the act.

There is a growing interest in cryptocurrency. According to our CEO, Caroline Bowler, the trend is particularly strong among non-retail investors. Here’s what she had to say on Money News:

“SMSFs are coming in with larger trade sizes; they are effectively buying more of the currency and holding it for longer.”

Listen to the full interview here.

State of crypto

• Paul Tudor Jones urges gold and Bitcoin as key hedges against rising inflation.
• Bitcoin options traders bet big on US$80K regardless of US election outcome.
• Bernstein predicts Bitcoin could reach US$200K by 2025, with strong option bets.
• Bitcoin approaches bullish 'golden cross' amid concerns over rising U.S. Treasury yields.
• Tokenised treasuries: a game-changer for collateral in crypto markets.
• Chainlink and Swift unveil blockchain payment solution for traditional finance.

The weekly trading stats as of Monday, October 21st at 11:00 am AEDT, based on data from Tradingview in USD.

Paul Tudor Jones urges gold and Bitcoin as key hedges against rising inflation.

Renowned hedge fund manager Paul Tudor Jones has reaffirmed his bullish stance on Bitcoin, gold, and commodities, viewing them as essential tools to combat inflation. Speaking on CNBC’s Squawk Box, Jones highlighted the inevitability of inflation, stating, “all roads lead to inflation.” He pointed out the under-representation of commodities in portfolios and advocated for a balanced strategy, favouring alternative assets like gold and Bitcoin over traditional fixed-income investments. Drawing comparisons to Japan's monetary policy, Jones suggested inflation may be a feasible solution to current economic challenges.

Buy BTC/AUD

Bitcoin options traders bet big on US$80K regardless of US election outcome.

Retail investors are facing increased volatility, as the rise in implied volatility points to significant price swings, presenting both opportunities and risks. With a strong bullish sentiment driven by options traders favouring call options, retail investors may feel inclined to follow this trend but should remain cautious due to the heightened risk. Additionally, while there is potential for new highs if Bitcoin continues to rally, investors must be prepared for sudden market corrections if election-related expectations shift.

Crypto market braces for volatility with US$5.2B BTC and ETH options expiry.

The cryptocurrency market is anticipating increased volatility as US$5.2 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts are set to expire on Friday, with Bitcoin options worth US$4.2 billion and Ether options worth US$1 billion. A significant portion of these contracts is “in-the-money,” potentially driving market fluctuations. BTC's max pain level, where most options expire worthless, is identified at US$64,000. With BTC trading near US$66,000, market watchers expect price swings as the expiry approaches, influenced by both the max pain theory and growing institutional participation in crypto options.

Bitcoin’s bearish trends and ETF outflows heighten sub-US$60k odds.

Bitcoin is trading at around US$66,647, down 3% after recent gains. A bearish engulfing pattern formed on October 21, indicating a potential price correction with a 60% to 70% success rate. Historically, such patterns near range highs have led to significant downturns, with previous corrections deepening over time. Currently, the spot orderbook shows negative cumulative volume delta (CVD), suggesting weak buying interest. Adding to this bearish sentiment, spot Bitcoin ETFs saw US$79.1 million in outflows on October 22, reflecting a cautious stance from institutional investors amid struggles at the US$70,000 resistance level.

Source: TheBlock.co

Bitcoin could soar to US$200K by 2025, says Bernstein.

According to a recent report by Bernstein Research, Bitcoin's price may reach US$200,000 by the end of 2025 as the cryptocurrency enters a new institutional phase. The report highlights that major asset managers now hold around US$60 billion in regulated exchange-traded funds (ETFs), up from US$12 billion in September 2022. Bernstein anticipates a consolidation among Bitcoin miners, boosted by rising demand for AI-powered computational power. Institutional optimism is growing, with analysts citing geopolitical tensions and the upcoming U.S. presidential election as factors driving interest in Bitcoin and gold amid a "debasement trade."

Bitcoin approaches bullish 'golden cross' amid concerns over rising U.S. Treasury yields.

Despite fears that rising U.S. Treasury yields could signal a prolonged drop for Bitcoin, analysts suggest these concerns may be overstated. Bitcoin recently struggled to break the US$70,000 mark, retreating to around $67,000. However, its daily chart indicates an impending "golden cross," a bullish pattern. The U.S. 10-year note yield has risen to 4.26%, which typically shifts investments away from risk on assets like cryptocurrencies. Some analysts liken Bitcoin’s trajectory to tech stocks, while TS Lombard argues that the Federal Reserve's recent policy actions are not as detrimental as perceived, suggesting the outlook for Bitcoin remains positive.

Tokenised treasuries: a game-changer for collateral in crypto markets.

Tokenising U.S. Treasuries as collateral in cryptocurrency markets merges the stability of traditional finance with decentralised finance (DeFi) innovation. With a total on-chain value of US$2.24 billion, tokenised Treasuries can mitigate risks associated with volatile assets like Bitcoin and Ethereum. By offering stable, government-backed collateral, this integration enhances liquidity and attracts institutional capital. Potential innovations include low-risk loans backed by tokenised Treasuries, yield products in DeFi, and effective hedging mechanisms. Ultimately, tokenised Treasuries could revolutionise crypto markets, creating new financial opportunities and deepening market stability.

Buy ETH/AUD

Chainlink and Swift unveil blockchain payment solution for traditional finance.

Chainlink has announced a new integration with Swift, enabling financial institutions to leverage blockchain for digital asset settlement with minimal adjustments to their existing systems. Unveiled by Chainlink co-founder Sergey Nazarov at the Swift-organised Sibos conference in Beijing, this partnership aims to bridge decentralised finance (DeFi) and traditional finance (TradFi). The integration will allow institutions to use Swift’s messaging network to facilitate blockchain-based transactions, streamlining pre-settlement processes and on-chain payment execution.

Additionally, Chainlink introduced the Blockchain Privacy Manager (BPM), a privacy-enhancing tool designed to ensure secure and private transactions for financial institutions. BPM allows institutions to control which data reaches blockchain networks, addressing long-standing concerns around privacy and enabling greater adoption of blockchain technology for sensitive operations like private asset trading and cross-border payments.

Buy LINK/AUD

Crypto Fear & Greed Index

Source: Crypto Fear & Greed Index

The week ahead: economic events

Thursday, October 24th

• Germany Manufacturing PMI

Friday, October 25th

• Germany Ifo Business Climate Index
• United States Durable Goods Orders

Tuesday, October 29th

• Germany GfK Consumer Climate

Wednesday, October 30th

• United States Job Openings
• Australia Monthly CPI Indicator
• Japan Consumer Confidence
• France, Germany, Italy, Euro Area & United States GDP Growth Rate
• Germany Inflation Rate

Source: trading economics

Market reflections

Overview

Australia's economy shows mixed signals: manufacturing PMI declines while services PMI rises, indicating growth. The US sees falling housing permits, yet strong completions, with retail sales increasing 0.4% in September. Japan's inflation drops to 2.5%, but trade deficits widen. The ECB and Bank of Canada maintain cautious policies amid uncertainty.

Australia

• Australia's economy faces mixed signals.
• Manufacturing PMI declines, indicating ongoing contraction.
• Services PMI edges up, marking nine months of modest growth.
• Composite PMI rises, reflecting slight contraction in overall business activity.
• Employment surges in September, driving down unemployment rate.

Australia's economy faces mixed signals as manufacturing declines while services show resilience.

In October, Australia's Manufacturing PMI fell to 46.6, indicating continued contraction in the sector. In contrast, the Judo Bank Australia Services PMI increased slightly to 50.6, marking nine months of modest growth driven by stronger domestic demand and employment increases. The Composite PMI rose to 49.8, reflecting an overall slight contraction in business activity. While the services sector demonstrates resilience and improved business confidence, ongoing challenges in manufacturing pose risks for the economy.

Australia's employment surges in September, driving down unemployment rate.

Australia saw a significant increase in employment, with 64,100 new jobs added in September. Full-time employment rose by 51,600, while part-time positions decreased by 12,500. The seasonally adjusted unemployment rate fell to 4.1%, down from August's 2.5-year high of 4.2%, with the number of unemployed individuals dropping by 9,200 to 615,000. The labour force participation rate reached a record high of 67.2%, further highlighting the strength of the job market. Monthly hours worked across all jobs also increased by 0.3%, reflecting overall positive trends in Australia's labour market.

Global

• US housing permits decline while housing completions increase amid economic fluctuations.
• Retail sales rise and unemployment claims fall, showing improved consumer confidence.
• China's economy shows signs of recovery despite persistent challenges.
• Japan's trade deficit deepens in September as exports fall, and imports rise.
• Lagarde calls for caution in policy as ECB lowers rates amid easing inflation.
• UK retail sales defy expectations with a surprise September increase.
• Bank of Canada cuts interest rate amid inflation slowdown and softening labour market.

United States

US housing permits fall, but surging completions signal strength in supply.

U.S. housing permits fell 2.9% and starts dropped by 0.5%. However, housing completions surged 14.6% year-over-year, driven by ongoing project completions. Single-family homes remained stable, while multifamily permits and completions saw some volatility. This could indicate caution, but the strong completion rate is a positive sign for supply.

Unemployment claims drop in the US, signalling labour market resilience despite recent volatility.

Unemployment claims fell by 19,000 in mid-October in the US, beating expectations. While this suggests resilience in the labour market, claims remain higher than earlier this year, indicating a slowdown. Retail investors should watch employment trends closely, as a softening labour market could impact consumer spending and stock market performance.

Retail sales beat expectations in the US, with a 0.4% rise in September.

US retail sales grew 0.4% in September, outpacing expectations. Key gains came from miscellaneous, clothing, and health stores, while electronics and gasoline sales lagged. Strong sales excluding autos and gasoline indicate positive consumer spending, which could benefit retail stocks and boost GDP growth.

China

China's economy shows signs of recovery despite persistent challenges.

China's economy expanded by 4.6% year-on-year in Q3 2024, slightly above forecasts but marking the slowest growth since Q1 2023, due to ongoing property weakness, deflation risks, and trade tensions with the West.

Beijing has intensified stimulus measures to bolster recovery, with September showing positive indicators: industrial output rose by 5.4%, exceeding expectations, and retail sales climbed 3.2%, the strongest increase since May.

Despite a sluggish trade environment, fixed investment also outperformed estimates, increasing by 3.4%. Overall, while the economy grew 4.8% in the first nine months, challenges remain as it strives to meet the full-year target of around 5%.

Japan

Japan’s inflation rate falls to 2.5% in September, reaching a five-month low.

Japan's annual inflation rate dropped to 2.5% in September, its lowest since April, down from 3.0% in August. The easing was largely driven by slower increases in electricity and gas prices as the effects of energy subsidy removal diminished. Costs also moderated across food, furniture, transport, and cultural sectors, while communication and education costs declined further. Core inflation decreased to 2.4%, a five-month low, while the CPI recorded its first monthly decline since February 2023.

Trade deficit deepens in September as exports fall, and imports rise in Japan.

Japan’s trade balance turned to a deficit in September, marking the third consecutive month of trade deficits, exceeding market forecasts. Exports fell unexpectedly by 1.7%, the first decline since November 2023, while imports increased by 2.1%, though below expectations. The widening trade gap reflects ongoing challenges in Japan's economic outlook, with weakening external demand and sustained import growth.

European Union

Lagarde urges caution in policy moves amid economic uncertainty.

In a speech during the 2024 Annual Meetings of the IMF and World Bank, European Central Bank President Christine Lagarde emphasised the need for caution in policy decisions, particularly regarding market expectations for further rate cuts. She highlighted the importance of relying on economic data and underlying inflation trends, noting that their decisions will involve careful judgment based on these indicators.

ECB lowers rates as inflation eases, maintaining a cautious approach to policy.

The European Central Bank (ECB) lowered its three key interest rates by 25 basis points in October, following similar cuts in September and June. The new rates are 3.25% for the deposit facility, 3.40% for main refinancing operations, and 3.65% for the marginal lending facility.

This decision comes as inflation in the Eurozone dropped below the ECB’s 2% target in September for the first time in over three years. While short-term inflation may rise, it’s projected to settle near the 2% mark by 2025. Despite high wage growth, pressures are easing, and the ECB remains committed to a flexible, data-driven approach to ensure inflation reaches its medium-term target.

Lower ECB rates may reduce borrowing costs, but financing conditions remain tight. Inflation is expected to rise short term before falling, with wage pressures easing. Retail investors may see modest gains in risk assets but should remain cautious as the ECB maintains a restrictive policy to control inflation.

United Kingdom

UK retail sales defy expectations with a surprise September increase.

Retail sales in the UK rose unexpectedly by 0.3% month-over-month in September, following a strong 1% surge in August. This beat forecasts that anticipated a 0.3% increase. Non-food store sales soared 2.5%, largely driven by computers and telecommunications. However, supermarket sales experienced a notable decline of 2.4%, attributed to poor weather and reduced spending on luxury food items. Online sales grew by 1.3%, while year-on-year retail sales saw a significant increase of 3.9%, marking the largest annual rise since February 2022. For the third quarter, retail sales rose by 1.9% compared to the previous period.

Canada

Bank of Canada cuts interest rate amid inflation slowdown and softening labour market.

In its October decision, the Bank of Canada reduced its key interest rate by 50 basis points to 3.75%, accelerating the pace of rate cuts in response to a sharp decline in inflation. This move follows three prior cuts of 25 basis points each, aligning with data showing headline inflation fell to 1.6% in September, the lowest in three years and below the 2% target. The central bank also pointed to slowing consumption per capita and a weakening labour market, with unemployment rising above 6.5%. Policymakers indicated that future rate cuts could be expected if the economy develops as forecast, with inflation risks balanced and GDP growth projected at 1.2% this year and 2.1% next year.

Regulation round-up

UK crypto regulations leave firms uncertain as they weigh alternatives to Europe’s MiCA.

Regulation in the United Kingdom remains unclear, raising concerns for companies looking to move away from Europe’s Markets in Crypto-Assets Regulation (MiCA). While some industry experts predict a potential shift from the EU to the UK due to MiCA’s stringent requirements, others highlight the unpredictable nature of the UK’s regulatory framework as a significant hurdle.

Sophie Bowler, chief compliance officer at Zodia Custody, noted that firms unable to meet MiCA standards may consider a temporary transition to the UK. However, executives from CryptoUK and Merkle Science express scepticism about the UK’s viability as a refuge. They argue that the UK’s regulatory uncertainty and lengthy registration processes might deter firms seeking a stable legal environment.

Both Natalia Latka from Merkle Science and Su Carpenter from CryptoUK emphasised that the UK lacks a clear regulatory direction, particularly after recent governmental changes. This ambiguity raises questions about whether businesses will opt to relocate to a jurisdiction with less clarity, despite the burdens imposed by MiCA. As the EU introduces its new regulations, the UK has a unique opportunity to refine its approach and potentially attract companies seeking a more accommodating regulatory climate.

Scam awareness

How to stay safe in cyberspace: 5 essential reads for online protection.

As people spend more time online socialising, shopping, banking, and working, the risk of falling victim to cyber scams grows. From phishing scams that can fool even the most experienced internet users, to cybercrime training academies in West Africa teaching aspiring scammers, the threat landscape is broad.

This article from 'The Conversation' explores the psychology behind scammers and how behavioural science can help combat cybercrime. Disinformation and its impact on online spaces, as well as practical advice for keeping children safe online, are key focuses.

Read the full article here.

The ASIC provides a checklist of common scams and ways to avoid them. To learn more, visit ASIC’s website.

Discover more on our ‘Compliance conversation’ blog page, where we share the latest updates on safeguarding against scams and protecting your assets. Stay informed and stay protected!

Want to get on our mailing list?

Sign up for free and join over 362,000 Australian traders who receive the BTC Markets Weekly Crypto Wrap.

Feedback

If you have any feedback on our newsletter or want to request specific content, please submit a support ticket and we will respond shortly.

Disclaimer: The information provided on this page is issued by BTC Markets Pty Ltd (BTC Markets, we, us, our). The information is general only and is not intended to constitute an opinion or recommendation with respect to its contents. Past performance is not a reliable indicator of future performance. Any reference to past performance is intended to be for general illustrative purposes only. The information cannot be relied upon for any purposes and is not intended to be a substitute for professional advice.

The information does not purport to be complete, accurate or contain all of the information that a person may require to make a decision. It may also contain forward looking statements, which are subject to known and unknown risks, uncertainties, and other factors. We recommend you obtain professional advice before making any decision with respect to the matters discussed in this document.To the maximum extent permitted by law, BTC Markets will have no liability for any loss or liability of any kind: (i) arising in respect of the information contained (or not contained) on this page; or (ii) arising from a person relying on any information or statement contained on this page. The information provided is only intended for recipients in Australia. This information cannot be reproduced without our prior written permission.