Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

Joel Robinson

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Bitcoin

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EXPERT OBSERVATION
While there are a large number of cryptocurrencies in existence (currently over 1600), this article will focus on Bitcoin for simplicity. Our comments contained here may apply to other cryptocurrencies with the same characteristics as Bitcoin.
What is Bitcoin?
As a very basic explanation, the Bitcoin network is a peer-to-peer payments network that uses public key cryptography to validate transactions involving Bitcoin and to generate new Bitcoins. This network is ‘decentralised’ in that it is not controlled by any government or other central authority.
Bitcoins are created via ‘mining’. This is a process where computer processing power is used to verify Bitcoin transactions and add to the public Bitcoin ledger, known as the block chain. By performing this task the miners may receive new Bitcoin.
Bitcoins in existence may be sent and received via an ‘address’, a unique alphanumeric identifier. A person proves their ownership of a Bitcoin using a public/private key pair. While the public key is known to all and corresponds to a specific Bitcoin, the corresponding private key is kept secret within a digital wallet. The use of the public/private key allows a person to transfer Bitcoin to another address. These transactions are verified by others in the network and added to the public ledger.
Generally, a person would purchase Bitcoin using their own address/wallet privately or via an exchange using a broker (similar to a share trading broker) and if needed transfer the purchased Bitcoin to their own address/wallet.
Can an SMSF invest in Bitcoin?
Any SMSF investment is subject to the regulations under the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’). This article does not intend to determine if any specific investment is permissible under superannuation law but generally discusses areas that may need to be considered prior to an investment in Bitcoin. Broadly, there is no specific prohibition on an SMSF investing in Bitcoin but certain factors must be considered.
Investment Strategy
Under s 52B of the SISA and reg 4.09 of the SISR, the trustee of an SMSF is required to formulate, review regularly and give effect to an investment strategy that has regard to the whole of the circumstances of the fund including, but not limited to, the following:
(a)         the risk involved in making, holding and realising, and the likely return from, the fund's investments, having regard to its objectives and its expected cash flow requirements;<a id="LPlnk629164" class="OWAAutoLink" name="x_paragraphsub" href=""></a>
(b)         the composition of the fund's investments as a whole including the extent to which the investments are diverse or involve the fund in being exposed to risks from inadequate diversification;
(c)         the liquidity of the fund's investments, having regard to its expected cash flow requirements;
(d)         the ability of the fund to discharge its existing and prospective liabilities; and
(e)         whether the trustees of the fund should hold a contract of insurance that provides insurance cover for one or more members of the fund.
The SISA and SISR do not specify a particular level of risk that is acceptable for a fund’s investment strategy. This would ultimately depend on the risk tolerance of the trustee and members.
If a person suffers loss or damage as a result of a contravention of a covenant imported in an SMSF deed by the SISA, such as the requirement to formulate an investment strategy, they may take action against a person involved in the contravention to recover the amount of the loss or damage. In an SMSF context, it may not be viable for a member to take action against themselves or the corporate trustee. If an adviser assists a client to invest in Bitcoin while the SMSF governing rules do not authorise such an investment and a member suffers loss, the adviser could be exposed to legal liability.
Further, it should be understood that SMSF trustees are in a fiduciary relationship in respect of fund members and any other beneficiaries of the fund. Due to the nature of a fiduciary relationship, SMSF trustees are under the highest of duties to act in the best interests of the SMSF’s beneficiaries. In addition to the various state and territory trustee Act obligations which may apply, s 52B(2)(b) of the SISA places the following covenant on an SMSF trustee:
to exercise, in relation to all matters affecting the fund, the same degree of care, skill and diligence as an ordinary prudent person would exercise in dealing with property of another for whom the person felt morally bound to provide.
The investment strategy for an SMSF must allow for investing in Bitcoin. However, the question of whether such a strategy is prudent for an SMSF will depend on the circumstances of the fund. Considering the volatility of Bitcoin and the fact that it appears (currently) to offer only speculative capital growth opportunities there is clearly a high risk inherent to any Bitcoin investment. On that basis a prudent SMSF trustee may decide that only a small component of a fund’s overall investment portfolio should be made up of Bitcoin or other cryptocurrencies. What is prudent in any situation would depend on the particular circumstances of the fund, such as how close the members are to retirement.
While the DBA Lawyers SMSF deed specifically excludes the rules regarding prudent trustee investment considerations under the various state and territory trustee Acts, not all SMSF deeds will do this. If these provisions haven’t been excluded under a Fund’s deed the Trustee may find them difficult to comply with when investing in Bitcoin.
Governing rules of the fund
As well as the regulations contained in the SISA and the SISR an SMSF trustee will be bound by the governing rules of the fund relating to investment. An SMSF trustee should ensure the governing rules expressly allow them to invest in Bitcoin. As older SMSF deeds are unlikely to provide for this, a variation of the fund’s governing rules may be required prior to such an investment.
Requirement to identify trust assets
A possible issue with SMSFs investing in Bitcoin is the requirement for a trustee to be able to identify the assets of the fund. The Bitcoin market ultimately allows anonymous holdings of Bitcoin. Accordingly, processes should be put in place to ensure that a trustee can evidence any Bitcoin is held as trustee of the SMSF. This could include using the fund’s bank account when purchasing, passing relevant trustee resolutions, ensuring any exchange account is in name of the SMSF trustee acting as trustee, creating a fund-specific email address, completing statutory declarations and otherwise ensuring good documentary evidence exists to satisfy an auditor and the ATO. Prospective advice should be obtained on these requirements prior to investing in Bitcoin. 
SMSF trustees should also ensure they take appropriate action to secure the fund’s property. In relation to Bitcoin, this could include ensuring private keys are kept securely.
Acquisitions from a related party
Section 66 of the SISA prohibits an SMSF trustee from acquiring an asset from a related party of the fund. While s 66(2)(a) provides an exemption for the acquisition of a listed security acquired at market value, any Bitcoin holdings will not meet the definition of a listed security in the SISA and so care should be taken to ensure this provision is not contravened.
Further, while ‘acquiring an asset’ does not include accepting money, the ATO has stated that it does not consider Bitcoin to be money nor Australian or foreign currency.
Hedging/Derivatives and Bitcoin
A Bitcoin exchange may allow a user to hedge their Bitcoin against normal currencies or other cryptocurrencies which could involve giving a charge over the Bitcoin holdings. An SMSF trustee is prohibited from giving a charge over the assets of the fund. However, an SMSF is able to give a charge over assets when investing in derivatives if it is in compliance with the SISR. This exemption is only available to SMSFs obtaining derivatives through an ‘approved body’ (subject to a number of other requirements). As no Bitcoin exchange is an ‘approved body’ for the purposes of the SISR, any derivative instrument or hedging that involved a charge over the fund’s assets would be in breach of the SISR.
Valuations and superannuation caps
As has been shown in recent times, the price of Bitcoin can fluctuate widely and rapidly. Trustees and members should be aware of the value of a member’s interest in the fund to ensure relevant superannuation caps aren’t breached. Sharp rises in the value of Bitcoin could result in a member’s total superannuation balance being over the total superannuation balance cap and a member not being eligible to make any further non-concessional contributions to the fund and may affect other caps such as the $500,000 cap for unused concessional contributions (applying from 1 July 2018).
Tax treatment of Bitcoin
This article does not consider the tax treatment of Bitcoin and other cryptocurrencies. The ATO have released a number of tax determinations on the treatment of Bitcoin. Broadly, the ATO’s position is that Bitcoin is a CGT asset for capital gains tax purposes. Specific tax advice should be obtained as part of any investment considerations.
Conclusion
An SMSF trustee is not specifically prohibited from investing in Bitcoin or other cryptocurrencies. However, as reflected above, there are numerous compliance aspects which must be considered. Ultimately, a trustee should act prudently and in accordance with the fund’s governing rules and investment strategy.
Clients should obtain written advice before investing in Bitcoin to ensure they obtain clearance on all of the compliance aspects.
Naturally, for advisers, the Australian Financial Services Licence obligations under the Corporations Act 2001 (Cth) and tax advice obligations under the Tax Agent Services Act 2009 (Cth) need to be appropriately managed to ensure any advice is appropriately provided.
This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional.
DBA Lawyers hold SMSF CPD training at venues all around Australia and online. For more details or to register, visit <a id="LPlnk360475" class="OWAAutoLink" href="http://www.dbanetwork.com.au/" target="_blank">www.dbanetwork.com.au</a> 
Shaun Backhaus, Lawyer and Daniel Butler, Director, DBA Lawyers 
 
 
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jrobinson-rf4aSBido9

Can SMSF invest in Bitcoin?

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GUEST OBSERVATION
The sharp rise and subsequent fall in Bitcoin’s value places it among the greatest market bubbles in history. It has outpaced the 17th-century tulip mania, the South Sea bubble of 1720, and the more recent Japanese asset price and dot-com bubbles.
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The rapid price rise garnered attention from an increasing number of academics and investment advisers. Some have suggested that Bitcoin improves portfolio performance and can even be used as a potential “safe haven” asset in place of gold.
Our work finds that much of this research is flawed and overlooks some important attributes that any investor should consider before allocating funds to such a speculative investment.
This is particularly relevant if investing in Bitcoin is rationalised as a prospective safe haven in times of market turmoil.
Hard to value
The first attribute investors consider is how to value Bitcoin. Typically, assets are valued based on the cash flows they produce. Bitcoin lacks this property.
This leads to ongoing debate as to the true value of Bitcoin and other cryptocurrencies. Some, such as the Winklevoss twins and other Bitcoin entrepreneurs, believe the price will soar far higher. Others, including Nobel prize winner Eugene Fama and esteemed investor Warren Buffett, believe the real value is closer to zero. Another Nobel winner, Robert Shiller, suggests the correct answer is “ambiguous”.
There is even wide variation in price across the various Bitcoin exchanges. This is common in fragmented markets and makes it difficult for an investor to find the best market price at any point in time – a process called price discovery.
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High price volatility
Bitcoin prices also have a high level of variation (volatility) when compared to other possible investments including bonds, stocks and gold. Even tech stocks such as Twitter, which are considered relatively volatile, are found to have less price variation. This adds to the difficulty investors face when trying to value Bitcoin and any portfolios that contain it.
This is of particular concern given the large daily losses that Bitcoin has experienced in its relatively short life. The largest one-day decline experienced by the popular S&amp;P500 index since 2011 is 4.2%. Bitcoin has had nearly 200 days that were worse (and over 60 days worse than the biggest decline in the gold price of 10.2%).
Put another way, Bitcoin has had 200 days worse than the worst day on the stock market. This hardly seems like an enticing investment for most.
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Low liquidity
Investors should also consider the ease with which they are able to buy and sell any assets in which they invest. One method used to measure this liquidity attribute is the bid-ask spread – the difference in the price at which one is able to buy and sell the asset.
More liquid assets have a narrow bid-ask spread. Bitcoin’s bid-ask spread varies from one exchange to another, but in general it is much larger than for other assets.
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While bid-ask spreads provide one measure of implicit trading costs, investors also consider the explicit transaction fees they are charged when trading. Transaction fees for trading traditional investments are typically well known and have trended down over time.
While Bitcoin fees have recently declined, they have proven to be highly variable, ranging from over $30 to under $1. The time taken to process a transaction can also be greater than 78 minutes. This is much longer than for stocks or bonds and creates another layer of uncertainty for investors.
Only for the most risk-loving
Bitcoin is harder to value, more volatile, less liquid, and costlier to transact than other assets in normal market conditions. Potential investors should be wary and carefully consider whether such highly speculative assets are appropriate additions to any portfolio.
<img src="https://counter.theconversation.com/content/99134/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Given safe havens are typically in demand during financial crisis, when markets are more volatile and less liquid, it is highly unlikely that Bitcoin is even worth considering as a safe-haven asset.
Lee Smales, Associate Professor, Finance, University of Western Australia
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/think-carefully-before-buying-bitcoin-and-dont-buy-the-safe-haven-claims-99134" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Think carefully before buying Bitcoin – and don't buy the 'safe haven' claims: Lee Smales

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Late last year it was all the rage to accept Bitcoin as a payment for your property.
A number of vendors, from all corners of the country, indicated they were happy to take the cryptocurrency, some as a part payment, some for the whole price.
But such offerings have waned as the hype disappeared.
The underperforming currency has dropped from its December 2017 peak of nearly $20,000 per Bitcoin to a low $8,400. Bitcoin had previously surged <a href="/expert-insights/bitcoin-up-over-1-000-percent-in-the-last-12-months">over 1000 percent in 12 months.</a>
Now property is being marketed as a more stable investment than Bitcoin. 
Marketing for <a href="https://www.realestate.com.au/property-unit-qld-logan+central-127508902" target="_blank">an apartment in Logan Central</a>, south of Brisbane, suggests the $169,000 plus price is "better than bitcoin."
The two bedroom unit, which last traded for $140,000 in 2005, is currently tenanted at $250 a week, which would see an impressive eight percent rental yield if it sold at its advertised price. 
A <a href="https://www.realestate.com.au/sold/property-unit-tas-claremont-127430954" target="_blank">Claremont, Tasmania home</a> sold earlier this year with the agent suggesting that its seven percent rental yield on offer would an "investment as safe as houses, far more secure than Bitcoin."
The two bedroom home sold for $205,200, with a tenant secured at $265 a week until December 2018.
Last year there were four listings willing to accept bitcoin all within a short two week period spike.
First a <a href="/news/melbourne-house-on-sale-vendor-happy-with-part-bitcoin-payments">house in Melbourne's outer east</a> (below) was listed with the seller willing to accept part payment through Bitcoin.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/27/basin1.jpg" alt="">
Consumer Affairs Victoria said it was legal for the settlement amount to be paid in any asset or security agreed between the buyer and seller, including Bitcoin. 
The home at <a href="https://www.domain.com.au/1411-mountain-highway-the-basin-vic-3154-2014026324" target="_blank">1411 Mountain Highway</a> in The Basin sold for $885,000 earlier this year, but no Bitcoin exchanged hands.
Next to hit the market a few days later was a <a href="/news/historic-far-north-queensland-home-up-for-sale-with-bitcoin-accepted-as-currency">historic property in Far North Queensland</a>. The vendor was happy to take all of the $1.2 million asking price in Bitcoin, although it has not  sold. There is now now indication Bitcoin would be accepted.
Back then that was around 100 Bitcoin. Now it would be 142, or if the sales contract had ever been struck just in Bitcoin, rather than the property value, then it would represent a windfall purchase for the buyer.
There were further listings to come, Grandview, the <a href="/news/grand-view-in-mount-macedon-another-property-offering-to-accept-bitcoin-payment">Mount Macedon trophy</a>, was for sale through Bitcoin, followed by a <a href="/news/no-slowing-down-in-property-listings-willing-to-accept-bitcoin-payment">luxury Gold Coast home</a>, a <a href="/expert-insights/buying/block-of-land-near-toowoomba-for-sale-with-bitcoin-purchasing-option">land parcel near Toowoomba</a> and a <a href="/expert-insights/surfers-paradise-apartment-accepting-bitcoin-payment">Surfers Paradise apartment.</a>
There's only been one listing this year, in Leura in the Blue Mountains west of Sydney.
A <a href="https://www.realestate.com.au/property-house-nsw-leura-127988470" target="_blank">three bedroom home</a> with a self-contained studio has been listed for $798,000, which nowadays equates to around 95 Bitcoin. 
The home last traded for $499,000 in 2014.
Yesterday the RBA announced it is <a href="/expert-insights/rba-continue-to-study-risky-bitcoin-and-its-implications">closely monitoring the cryptocurrency</a>, calling it a 'risky' investment. 
 
 
 
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Bitcoin property offerings fade as cryptocurrency plummets

RBA continue to study 'risky' Bitcoin and its implications

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Properties being offered with Bitcoin accepted have slowed down dramatically since the turn of the year.
Late last year when bitcoin was all the rage, there were a number of properties that hit the market accepting either full payment or part payment of the cryptocurrency that was drawing attention worldwide.
But now bitcoin has plummeted from $21,600 to now near $8,800 per bitcoin in just under a month, and vendors seem more reluctant to accept the crypto-cash.
The only brave new listing is a <a href="https://www.realestate.com.au/property-house-nsw-mount+druitt-127303218" target="_blank">home in Mount Druitt</a>, where the vendor is happy to take the full $850,000 price guidance in bitcoin.
That in the current climate would equate to near 95 bitcoin.
The home around 40 kilometres west of Sydney sits on a 1,010 sqm level block.
It has three bedrooms, one bathroom and a recent minor renovation with a lick of paint, flooring and kitchen all freshened up.
It has a current rental potential of $380, or if you're still burying down in to bitcoin, around 0.04 bitcoin.
Sky Property agents Riza Kamerakkas and Fayez Abdo are marketing the home that last traded for $400,000 just last year.
Is it now worth cashing in on the crypto-currency in its current decline if you hold a number of bitcoins? Or are vendors more inclined to list their property with the potential it could double in price?
 
 
 
 
 
 
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Property by Bitcoin fad slows as cryptocurrency collapses 

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BitCoin has found his way into the real estate industry, with vendors prepared to take the currency, now its making waves in the automotive industry.
In a world first, the decentralized and revolutionary <a href="https://bitcar.io/#aboutbitcar" target="_blank">BitCar.io</a> platform allows crypto space holders and traditional car enthusiasts to own and trade in exotic super cars in small fractions, with new BitCar tokens.
The cars include the likes of Lamborghini's, Ferrari's and Bugatti's.
The vehicles will be stored or displayed for up to 15 years to optimise their value.
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Co-founded by Gov van Ek, Nuno Martins and John Bulich, BitCar believes that exotic cars serve the public well when exhibited in collections where the public can continuously enjoy them.
Perth's Peter Briggs, who at one point had 300 classic cars, is an advisor. 
Briggs, the colourful West Australian property developer and mining entrepreneur, owned the first Holden prototype to be made in Australia, which was listed in 2013 for $1 million. It cost around $15,000 in 1980.
BitCar aims to disrupts exotic car ownership from just the privileged few and opens the asset class up to include the general enthusiast. 
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Automobiles are no longer considered as a mere mode of transportation, noted that according to AXA Art for the first eight months of 2017, 7,443 cars were sold at auction.
 The annual sales for the past 12 months was 890m Euros with classic cars over the $1 million accounting for 40 per cent, of the market value.
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Estimates for the total number of Ferrari’s made to date are 130,000, suggesting at an average price of $100,000 to $200,000, then the total Ferrari market stands at $13-26 billion. 
"This is only one brand of targeted Exotics," Bitcoin notes.
The Sultan of Brunei, estimated to be worth $20 billion is said to have 6,800 Exotic cars, by far the largest collection in the world - including 452 Ferraris and 11 McLaren F1s. 
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The BitCar tokens are intended to be traded on the decentralised Blockchain platform.
Historically, the value of collector cars and exotics have outstripped property prices and gold, making them a solid wealth creation vehicle.
The beauty of BitCar is that it links the value of tokens to the prices of real assets within the platform. It provides a relatively safe haven against the volatility of crypto markets.
The Perth-based BitCar has sought to raise up to $US25 million in an Initial Coin Offering (ICO) selling 250 million tokens that can be invested in “small fractions” of exotic supercars.
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Linking physical assets to Blockchain tokens has been legally complex and is rapidly evolving, the site notes.
 Over the past two years the team, including members from Ledger Assets Pty Ltd, a leading blockchain commercialization company in Australia, have established and developed the BitCar team, technology and skills needed to bring BitCar to launch. 
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Of the total 500 million BITCAR tokens, 250 million will be sold in the ICO. 
There are 95 million reserved for the team, founders and future employees, plus 40 million for the bounty campaign, early backers and external owners and a Growth Pool of 60 million for Platform growth, incentivisation, user acquisition and partnerships. The remaining 55 million are allocated for the Company token reserve. 
For more information on BitCar <a href="https://bitcar.io/" target="_blank">click here.</a>
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Fractional ownership BitCar allowing people to park their crypto tokens

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To sell and buy property is nerve wracking. To do the deal with Bitcoin is just ratcheting up the stakes.
But it has been an emerging prospect as Bitcoin's currency gains wider knowledge and some acceptance.
In the past month we have seen a series of vendors across Australia advertise their willingness to accept the cryptocurrency as payment.
It's seems mostly a marketing stunt to get publicity for their listing, so it has yet to become a marked trend.
Indeed there's no known Australian property sale where the buyer has actually accepted Bitcoin since the currency was launched in 2008.
The vendors have mostly indicated their preparedness since they already have one of the 13 million crypto wallets now existing on Coinbase.
Back in 2013 there was a buyers advocate who accepted Bitcoin payment for services of $1,300 which meant 10 Bitcoins were paid.
The exchange rate at the time was one Bitcoin = AU$130.
The current rush in Bitcoin-accepting vendors comes amid the see-sawing surge in the value of bitcoin to over US$11,500, marking a 1,200 percent rise this year.
Bitcoin could, of course, become the Uber of the financial world with Finder.com.au insights manager Graham Cooke believing Bitcoin could revolutionise property and finance.
But for it to become normal, it will actually have to get the official involvement of government along with the banking and conveyancing industries.
For starters there is an issue with the traditional deposit payment which is regulated by state governments.
Yes the deposit could be paid in bitcoin, however it will need to be immediately cashed in and then paid in dollars into the selling agent's trust account for safe keeping until settlement.
The financial expert Peter Switzer notes several cautions, but "suspects cryptocurrencies are like most things modern and seemingly illegal, think Uber, Airbnb, etc, they will be here to stay."
Switzer noted in days gone by, the most asked questions he would get were, firstly, when will interest rates rise and should I fix now? And secondly, do I think there will be a house price collapse?
"But now all I get is bitcoin questions."
Anyone doing a deal involving Bitcoin and property has requirements of an increasingly vigilant Australian Tax Office.
They demand you record four things: date of transaction, value in AUD, purpose of the deal, and “who the other party was even if it’s just their bitcoin address”.
There are state government stamp duties to be paid in regular currency based on the property market value.
Ofcourse there's not just issues around the legalities.
Bitcoin’s value has fluctuated dramatically, mostly upwards to date, so the initial and final value of any transaction could trigger real tension between the buyer and seller.
The capacity of next day exchange and settlement might alleviate the issue, but what would happen over a typical settlement period?
After all an $800,000 property exchange on mid-November would have cost around 100 Bitcoins so would the buyer still be there when the value of their Bitcoin outlay has gone up to $1.1 million or higher?
Logan Lincoln of property research firm CoreLogic noted the surge in value of bitcoin in the last month had certainly created a major stir.
This article was first published in the Daily Telegraph.
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jchancellor-FAypfDUnLy

Bitcoin compared to Airbnb and Uber as property transactions in the spotlight

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<h1>
<a href="https://theconversation.com/profiles/jason-potts-105412" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;">Jason Potts</a>, <a href="http://theconversation.com/institutions/rmit-university-1063" target="_blank">RMIT University</a>
</h1>
Bitcoin may be the most famous example of a <a href="https://bitcoin.org/bitcoin.pdf" target="_blank">blockchain in use</a>, but it is actually a rather unimaginative way to use it.
The blockchain is finally starting to fulfil its promise as a game-changing technology, a kind of infrastructure for record-keeping. To facilitate movement of value (such as money) and changes in ownership (shares, for example), and even to <a href="https://www.ibm.com/blockchain/identity/" target="_blank">manage online identities</a>.
The Australian Stock Exchange (ASX) has <a href="http://www.asx.com.au/asxpdf/20171207/pdf/43pz030qxzdcvs.pdf" target="_blank">announced</a> that it will use a blockchain-based system to record who owns shares of listed companies, and to keep track of transactions and settlements when people buy and sell shares.
The move comes as the price of Bitcoin has <a href="https://www.coindesk.com/price/" target="_blank">risen more than US$14,000 in the past year</a>. Yet Bitcoin does not really exploit the new databases and record-keeping infrastructure that blockchain technology makes possible.
<hr>
Read more: <a href="https://theconversation.com/demystifying-the-blockchain-a-basic-user-guide-60226" target="_blank">Demystifying the blockchain: a basic user guide</a>
<hr>
The blockchain is also called a “public” or “distributed” ledger. Think of a spreadsheet that is publicly available to view, and simultaneously held on numerous computers. When someone transfers a Bitcoin, it is verified by the system, encrypted, and a new line (or “block”) is added to the spreadsheet.
The ASX’s blockchain will replace the ASX’s <a href="http://www.asx.com.au/services/settlement/asx-settlement.htm" target="_blank">CHESS</a> (Clearing House Electronic Sub-registry System) system. Currently, the ASX requires each trade to be verified against the ASX’s centralised database of ownership records and reconciled with payments.
So while trades take place in fractions of a second, the actual clearance (making sure who owns what) and settlement (the transfer of money and shares) is cumbersome, slow, expensive, and prone to human error.
The ASX’s blockchain will greatly simplify this process. Instead of having to reconcile trades against a centralised database, the verification of ownership and settling of accounts can be done directly between participants (as is done with Bitcoin trades). This is much simpler, faster and more secure.
<hr>
Read more: <a href="https://theconversation.com/whats-holding-up-the-blockchain-79038" target="_blank">What’s holding up the blockchain?</a>
<hr>
<h2>A monumental shift</h2>
The fact that the ASX’s blockchain announcement made headlines <a href="http://www.bbc.com/news/business-42261456" target="_blank">around the world</a> shows what a big leap forward this is.
The ASX’s blockchain will streamline the settlement process, improving productivity and therefore reducing costs in the Australian stock market. This means that our financial markets will work better, offering an immediate benefit to Australia’s economy.
Exchanges are also a global business, and the adoption of blockchain technology in Australia’s major exchange means that it has a competitive edge over other exchanges.
Companies choose where to list, based on a variety of factors including the quality of the exchange technology. More business for the ASX will translate into more local jobs.
One potential downside of the ASX adopting the blockchain, however, is that some workers who currently process settlements on the ASX may lose their jobs. Some financial companies that currently benefit from the slow settlement process, such as brokerage firms, will also lose out.
<hr>
Read more: <a href="https://theconversation.com/blockchain-really-only-does-one-thing-well-62668" target="_blank">Blockchain really only does one thing well</a>
<hr>
But the ASX’s move is just scratching the surface of what blockchain technology can do to the Australian financial sector.
The same argument that applies to the ASX - that the blockchain is more efficient and productive than existing record-keeping and transaction processes - can also be extended to other exchanges, such as bond markets.
In other words, the ASX’s blockchain is just the beginning of a technological transformation of Australia’s financial markets.
Blockchains will also make these exchanges more attractive to build services on, such as for managing wealth. This is a further benefit for consumers and the broader finance industry, not purely from lower prices also from the possibility of new products and services.
<hr>
Read more: <a href="https://theconversation.com/the-blockchain-does-not-eliminate-the-need-for-trust-86481" target="_blank">The blockchain does not eliminate the need for trust</a>
<hr>
But how is any of this even possible in the first place? Part of the credit must go to Australian regulators. They created the environment for this huge shift in technological practice.
Australia is now leading the adoption of the blockchain, despite it being a US-built technology. It is similar to how African telecommunications companies are <a href="https://www.safaricom.co.ke/personal/m-pesa" target="_blank">leading the way in mobile payments</a>, even though Finland created modern mobile phones with companies like Nokia.
<img src="https://counter.theconversation.com/content/88937/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Even if you’re not excited about new technology in the Australian finance industry, its global competitiveness, or even our regulatory agility, the ASX announcement is a harbinger of what adoption of blockchain technology will increasingly look like.
<a href="https://theconversation.com/profiles/jason-potts-105412" target="_blank">Jason Potts</a>, Professor of Economics, <a href="http://theconversation.com/institutions/rmit-university-1063" target="_blank">RMIT University</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/bitcoin-may-be-reaching-new-heights-but-the-asx-shows-the-blockchain-is-reinventing-business-88937" target="_blank">original article</a>.
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Bitcoin may be reaching new heights, but the ASX shows the blockchain is reinventing business

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GUEST OBSERVER
When Katherine Hunt’s dad asked her whether or not he should invest in Bitcoin, alarm bells rang, first she thought “he’s a musician”.
Hunt is a lecturer in accounting at the Griffith Business School, and as someone who knows the five stages of a bubble and crash, she was worried when it seemed everyone was thinking they needed to “get in on” Bitcoin.
“The stock market is a manifestation of the psychology of everyone who is investing, so of course there is going to be these crazy stages,” Hunt says.
There is a boom, as momentum behind a new stock or asset speeds up and the media starts to cover it, fuelling its price rise.
Then the euphoria sets in, the value of the asset skyrockets and people start to make a profit. But looming around the corner is the panic.
Investors feel the last phase of a crash far more than they do the elation of the price rising, Hunt says. Panic breeds more panic and the price falls.
Hunt is seeing this pattern play out with the stocks of the more well known gig economy businesses like Airbnb and Uber. These businesses now enjoy the privilege of being the only, or one of a few of their kind, in the marketplace. But Hunt says this can’t last.
“In an open market that’s not the case at all, there’s always going to be competition and these companies will fall. It’s just probably that they’ll fall in 30 or 40 years, not necessarily tomorrow,” she says.
Of course this is all easier to see in hindsight.
Remembering the global financial crisis
John Crosby, now a senior lecturer in finance at the University of Technology Sydney, was once working as an investment banker at Lloyds of London in 2007 when he noticed a news story on losses financial services company HSBC was reporting from its subprime mortgages.
“I thought, that could be quite bad,” Crosby recalls.
At the time volatility was low and it seemed like everything was going along fine. But Crosby overheard a coworker who looked after the banks’ various branches asking people to move any sums to deposit to London.
“That wasn’t normal right? It was perfectly normal that you did business with anybody you wanted to, unless there was a real credit risk issue with the bank,” he says.
Crosby realises now that his coworker knew other banks were carrying toxic debt that would eventually kick off the global financial crisis.
When it came to 2008 the real problems became clear and it was more of a question of which bank would fall next, he says.
“People were way too complacent before the crisis and then during the crisis it’s one of blind panic, thinking everyday things are going to get worse. Whereas in reality there was light at the end of the tunnel,” Crosby says.
By then Crosby was working at financial services company UBS and thousands of people were being laid off. In 2009 the company decided to hire half of those employees back.
Past theories about what causes crashes
The benefit of hindsight also shows what sort of speculation leads to market crashes. Before crashes were well understood, economists had to grapple with what they thought might be causing a crash.
In the 19th century, economist William Stanley Jevons believed that sunspots (hyperactive radiation on the sun) could be the key to understanding crashes.
“He was interested to find out that the cycle of sunspots was very similar…as the trade cycle back on earth,” says Simon Ville, a professor of economic and business history at the University of Wollongong.
Of course this theory was later discredited, but there have been bubbles over some very ordinary assets in the past.
Ville explains that tulips were at the centre of the first market bubble and crash in recorded history. Tulips became high fashion in the Netherlands, in the early 17th century, but because it took a while for these plants to grow it was very much like the future markets we see today in modern finance.
“That inevitably creates a sense of uncertainty and a sense of speculation, ‘what are you actually buying? Will you get the full value of what you’re paying for?’,” Ville says.
<img src="https://counter.theconversation.com/content/88688/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Of course people started paying more and more for tulips, until it took someone’s life savings to buy one bulb. Ultimately there was a point where euphoria turned to panic and the climate changed from optimism to pessimism. This is when the price crashed, and the bubble burst.
Callum Halliday, Editorial Intern, The Conversation.
Eleanor Harrison-Dengate, Editorial intern, The Conversation. 
Jenni Henderson, Section Editor: Business + Economy, The Conversation.
Josh Nicholas, Deputy Editor: Business + Economy, The Conversation.
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/what-happened-to-the-price-of-bitcoin-the-truth-behind-big-bubbles-and-crashes-88688" target="_blank">original article</a>.
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