The 'Crypto King' of Australia has stated that Australia is suffering an 'drought' innovation, whereby the country is changing in a nanny.
Fred Schebesta, co-founder of Finder.com.au, believes that a Trump-style removal of the 'bureaucracy' in the government will allow people to 'hope for prosperity' again.
Mr. Schebesta, who has since earned a fortune on digital currencies, said that his most recent dealing with the Australian Securities and Investments Commission was an example of too far government control.
In 2022, the watchdog complained Mr. Schebesta in the federal court about the Finder earning product.
The product enabled customers to convert registered funds into cryptocurrency and at the same time offer four to six percent interest.
The lawsuit claimed that the company operated without the necessary financial license and endangered customers with 'damage'. However, the case was rejected.
“Going out and suggesting companies and people for cryptocurrency companies, if there is no law, is like suing the Wright Brothers before they have a pilot permit,” Mr. Schebesta told News.com.au.
Both Mr. Schebesta and the government are waiting for the result of a further appeal to the case in April last year.
He hoped that the coalition followed the leadership of the American president on cryptocurrencies
Mr. Schebesta said it was 'refreshing' that the coalition followed Donald Trump's leadership on cryptocurrencies and swore to be a friend of alternative wealth sources.
'It gives hope for innovation and prosperity for the future. Those things got full for a long time. In America you now feel hope. You feel good about the future, “said Mr. Schebesta.
“Australia needs that. We are now lost in the sea. We ship minerals … what else?
'At least have a policy to allow innovation. There is no welfare -driven growth mindset. '
The Crypto King said he was traveling to New York in 2016 when he started digging in Bitcoin's potential.
He was mainly attracted to the decentralized trading horse of the currency.
Mr. Schebesta bought a considerable amount from Bitcoin – although he will not reveal the exact amount – when it was priced at around $ 6,000 after part of his own investigation.
Bitcoin is currently appreciated at $ 123,000.
In the following years he sold some of his companies and invested in other coins.
Now he said that he tends to follow a buy-and-hold strategy.
Mr. Schebesta's assets are supposed to be more than $ 300 million.
