The article discusses the tensions surrounding the adoption of cryptocurrencies in Australia, particularly within the government and financial institutions. While officials have previously rebuffed cryptocurrencies, Australian Treasurer Jim Chalmers believes that cryptocurrencies can modernize the financial system and foster innovation. Critics, such as professor John Quiggin, argue that cryptocurrencies are worthless, but the article highlights the importance of community recognition and market demand in determining an asset's value. The article also draws a parallel to the diamond rush in Zimbabwe, illustrating that an asset is deemed valuable when a market exists. The author argues that as more people recognize the value of cryptocurrencies, including major financial institutions and politicians, regulators and governments should acknowledge this trend and prepare accordingly. Rather than dismissing cryptocurrencies, critics should focus on mitigating possible problems that may arise from their adoption.



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