Losses rise at $1b start-up Pet Circle despite growing sales
The online pet supplies business was one of several Australian start-ups that received a $1 billion valuation in 2021 after it raised $125 million from investors including AirTree Ventures and TDM Growth Partners.
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Sydney Morning Herald
3 minutes ago
- Sydney Morning Herald
Why is bitcoin soaring? And is it time to invest?
Despite Nakamoto's original vision of bitcoin replacing cash, these days the cryptocurrency is much more akin to a digital version of gold, as the network is far too expensive and slow to be able to use it as a legitimate cash replacement. Indeed, central banks around the world have said cryptocurrencies are unfit for everyday use, with RBA governor Michele Bullock saying it has 'no role' in the Australian economy. Investors originally saw bitcoin as a 'safe haven' asset separated from the fluctuation of markets. However, recently, institutional investors have flocked to the asset class, with about 6 per cent of bitcoin being held in exchange-traded funds (ETFs). Why is it rallying? Bitcoin and other cryptocurrencies are notoriously volatile, with their valuation regularly dropping or rising by thousands of dollars in mere minutes. However, the recent rally has been more sustained, thanks largely to the influence of Trump. During his campaign, Trump made no secret of his support for cryptocurrencies, promising to make the US the 'crypto capital of the world'. Once elected, he then enacted several policies to promote crypto, including establishing a strategic bitcoin reserve within US Treasury, and holding a crypto summit at the White House. Loading He also released his own Trump-branded cryptocurrency, which has a market capitalisation of $US1.9 billion. Republicans are now attempting to pass three more crypto-friendly bills – The GENIUS Act, The Clarity Act and The Anti-CBDC Surveillance State Act – all of which will create a friendlier regulatory environment for crypto traders and companies, including clarifying when digital assets like crypto tokens are considered securities or commodities. Crypto advocates view these bills as the US government's effective endorsement of the sector and a further legitimisation of bitcoin, despite widespread crime in the industry and real-world use cases for cryptocurrencies still few and far between. How much has the price risen? After bitcoin's creation in 2008, you could buy one for just a few cents, with 10,000 bitcoin famously being used to buy two pizzas in early 2010. As of Wednesday afternoon, one bitcoin was worth about $185,000. Since Trump's election, the asset's price has risen by almost $80,000, or 76 per cent. Should you invest? Obviously, the best time to have bought bitcoin was 2009 – and even then, you would have needed to conveniently forget about it until now. But is it still worth buying even with its heady valuation? 'Yes, we think so,' says Justin Lin, investment strategist at ETF provider Global X. '2025 is shaping up to be a landmark year for bitcoin adoption. This year we've seen some serious signs that investors are starting to value the asset for its fundamental strengths rather simply speculating on its price. Loading 'We think bitcoin is on its way to becoming a portfolio staple across the world, and as adoption grows, price discovery will follow.' Global X believes bitcoin will reach a valuation of $US200,000 by midway through next year. Much of this, Lin says, will be driven by traditional investors through bitcoin ETFs, with the current crop of crypto investors mainly consisting of younger, tech-savvy investors. 'By our calculations, only about 20,000 Australians have invested in ASX-listed bitcoin ETFs. That's shockingly low compared to the US. We take it as a sign that our older investment community still has a lot of catching up to do,' he says. How can you invest? There are a number of online bitcoin exchanges that operate both internationally and in Australia. You can sign up to one and buy bitcoin or other crypto. Keep in mind you don't have to purchase a whole one – you can just buy a fraction of a coin. These exchanges allow you to buy, sell, and store your bitcoin, much like an online stockbroker such as CommSec. The bitcoin ETFs are becoming increasingly popular as a way for traditional investors to purchase the digital asset without having to make an exchange account, with the ETFs available to purchase the same way as any other ASX stock. However, chief executive of investment firm VanEck Asia Pacific Arian Neiron said Australian investors seem to be less willing to invest in crypto than their US counterparts. '[Australian] investors are more cautious about bitcoin exposure, particularly when there is price momentum based on sentiment,' he says.
The Age
3 minutes ago
- The Age
Why is bitcoin soaring? And is it time to invest?
Despite Nakamoto's original vision of bitcoin replacing cash, these days the cryptocurrency is much more akin to a digital version of gold, as the network is far too expensive and slow to be able to use it as a legitimate cash replacement. Indeed, central banks around the world have said cryptocurrencies are unfit for everyday use, with RBA governor Michele Bullock saying it has 'no role' in the Australian economy. Investors originally saw bitcoin as a 'safe haven' asset separated from the fluctuation of markets. However, recently, institutional investors have flocked to the asset class, with about 6 per cent of bitcoin being held in exchange-traded funds (ETFs). Why is it rallying? Bitcoin and other cryptocurrencies are notoriously volatile, with their valuation regularly dropping or rising by thousands of dollars in mere minutes. However, the recent rally has been more sustained, thanks largely to the influence of Trump. During his campaign, Trump made no secret of his support for cryptocurrencies, promising to make the US the 'crypto capital of the world'. Once elected, he then enacted several policies to promote crypto, including establishing a strategic bitcoin reserve within US Treasury, and holding a crypto summit at the White House. Loading He also released his own Trump-branded cryptocurrency, which has a market capitalisation of $US1.9 billion. Republicans are now attempting to pass three more crypto-friendly bills – The GENIUS Act, The Clarity Act and The Anti-CBDC Surveillance State Act – all of which will create a friendlier regulatory environment for crypto traders and companies, including clarifying when digital assets like crypto tokens are considered securities or commodities. Crypto advocates view these bills as the US government's effective endorsement of the sector and a further legitimisation of bitcoin, despite widespread crime in the industry and real-world use cases for cryptocurrencies still few and far between. How much has the price risen? After bitcoin's creation in 2008, you could buy one for just a few cents, with 10,000 bitcoin famously being used to buy two pizzas in early 2010. As of Wednesday afternoon, one bitcoin was worth about $185,000. Since Trump's election, the asset's price has risen by almost $80,000, or 76 per cent. Should you invest? Obviously, the best time to have bought bitcoin was 2009 – and even then, you would have needed to conveniently forget about it until now. But is it still worth buying even with its heady valuation? 'Yes, we think so,' says Justin Lin, investment strategist at ETF provider Global X. '2025 is shaping up to be a landmark year for bitcoin adoption. This year we've seen some serious signs that investors are starting to value the asset for its fundamental strengths rather simply speculating on its price. Loading 'We think bitcoin is on its way to becoming a portfolio staple across the world, and as adoption grows, price discovery will follow.' Global X believes bitcoin will reach a valuation of $US200,000 by midway through next year. Much of this, Lin says, will be driven by traditional investors through bitcoin ETFs, with the current crop of crypto investors mainly consisting of younger, tech-savvy investors. 'By our calculations, only about 20,000 Australians have invested in ASX-listed bitcoin ETFs. That's shockingly low compared to the US. We take it as a sign that our older investment community still has a lot of catching up to do,' he says. How can you invest? There are a number of online bitcoin exchanges that operate both internationally and in Australia. You can sign up to one and buy bitcoin or other crypto. Keep in mind you don't have to purchase a whole one – you can just buy a fraction of a coin. These exchanges allow you to buy, sell, and store your bitcoin, much like an online stockbroker such as CommSec. The bitcoin ETFs are becoming increasingly popular as a way for traditional investors to purchase the digital asset without having to make an exchange account, with the ETFs available to purchase the same way as any other ASX stock. However, chief executive of investment firm VanEck Asia Pacific Arian Neiron said Australian investors seem to be less willing to invest in crypto than their US counterparts. '[Australian] investors are more cautious about bitcoin exposure, particularly when there is price momentum based on sentiment,' he says.
West Australian
2 hours ago
- West Australian
Prime Minister Anthony Albanese lands in China's medical capital Chengdu, Port Darwin stance hangs in the air
Anthony Albanese will top his China charm offensive on Thursday with panda diplomacy and spruiking Australia's prowess in the Medical Technology sector after landing in the Sichuan capital Chengdu. Mr Albanese will tour a Cochlear manufacturing and research facility to showcase 'Australian ingenuity, inventiveness and know-how' as he enters the final leg of a six-day tour to turbocharge Australia's economic ties with its largest trading partner. China is one of Cochlear's top five markets, having helped treat 50,000 Chinese patients with hearing loss, and the Sydney-based company launched its Chengdu production facility and international hearing research, innovation and service centre in 2021. Australia is the world's second largest producer of Medtech patents, and the third largest medical device market in the Indo-Pacific, with more than 850 firms and a total market value exceeding $10.5 billion. 'Australian and Chinese researchers, hospitals and universities are driving remarkable progress in every field of medical technology,' Mr Albanese will tell a lunch reception of top healthcare and biomedical tech leaders, including Nobel Laureate Prof Barry Marshall, whose research has revolutionised the treatment of stomach ulcers. Mr Albanese is the first Prime Minister to visit Chengdu since Bob Hawke in 1986, in a three-city tour that has been warmly received by a Chinese government pushing for closer trade ties with Australia as a buffer against the disruption of US trade tariffs. However, clouds remain on the horizon. Earlier on Wednesday, the Prime Minister was forced to dismiss suggestions Australian business could be iced out of the Chinese market over the Government's decision to put the strategic port of Darwin back into Australia's hands. Chinese objections to Labor's election promise to overturn the awarding of a 99-year lease of the port to the Beijing-owned Landbridge group have loomed over Mr Albanese's red carpet reception this week, with state media repeatedly highlighting the controversy. Mr Albanese on Wednesday confirmed that the sale of the port had not been raised directly with him in talks with Premier Li Qiang or Chinese President Xi Jinping, who offered a rare lunch invitation to the Prime Minister and fiancee Jodie Haydon. Mr Li was effusive about the potential for stronger trade ties at a roundtable of Chinese and Australian business leaders in the imposing Great Hall of the People on Tuesday but alluded to the point of contention by urging Australia to create a 'non-discriminatory business environment.' 'We hope that the Australian side will treat Chinese enterprises visiting Australia fairly and properly solve the problems encountered by enterprises in market access, investment review, and other aspects,' Mr Li said. The Global Times, a state-run media outlet, was more direct. 'At present, there are specific issues between China and Australia that need to be discussed, such as the lease of Darwin Port and the expansion of the China-Australia Free Trade Agreement,' it said. 'There are also practical obstacles, especially the tendencies toward 'pan-politicisation' and 'pan-securitisation,' as well as interference from third parties,' it continued in an otherwise glowing account of Mr Albanese's trip so far. Asked during a press conference on the Great Wall of China on Wednesday if he was prepared for Australia to be put back into the deep freeze on the issue, Mr Albanese responded with a straight, 'the answer is no'. The Prime Minister's trip has been centred on repairing business and trade ties after a diplomatic spat under the Morrison government triggered a series of damaging import bans on key commodities, which have since been lifted. Labor has stressed, however, that it will not budge over the cancelling of the Landbridge lease for national security reasons. Mr Albanese told reporters that this was a longheld position 'shouldn't come as any surprise.' However, Chinese officials have protested against changes made to the Foreign Investment Review Board under the previous Government after the port lease was awarded to a Chinese-state owned operator by the Northern Territory authorities. The Government has rejected Beijing's suggestions that Chinese companies are unfairly targeted by rules requiring greater scrutiny in sensitive investment areas. Ahead of Mr Albanese's trip, the Government indicated it would not be prepared to ease restrictions or to accede to Chinese requests for greater cooperation on artificial intelligence capabilities. 'We have a case by case issue when it comes to foreign investment,' said Mr Albanese. 'It is viewed not on the basis of any one country, but on the basis of an objective assessment of our national interest.' He added, 'One of the things that I emphasise - I say the same thing in Beijing as I say in Bankstown - which is that the Australian Government supports free and fair trade. It's in the interests of the world to have free and fair trade, and we'll continue to engage that way.' The Prime Minister also revealed Communist Party Chairman Zhao Leji had agreed to an invitation to lead a National People's Congress delegation to Australia. 'It is very clear that it is in our national interest for us to have a positive relationship with China, where there are differences, to talk about them, but not be defined by them,' he said. Later on Wednesday afternnon, the Prime Minister donned his Akubra hat and to battle stifling humidity at the Sichuan International Tennis Centre, where he oversaw an announcement that the city will host the Asia-Pacific Wild Card Playoffs for the 2026 Australian Open. There was 'no better way' to improve people to people and cultural links between Australia and China than the iconic Australian Open, Mr Albanese told an audience including Australian Open Champion John Fitzgerald, Tennis Australia's Vicki Reid, Governor Shi Xiaolin and rows of young tennis players.
