Tech king rips into nanny state Australia and reveals the Trumpian change he wants to see Down Under

Australias crypto king has declared Australia is suffering an innovation drought with overregulation turning the country into a nanny state. 

Fred Schebesta, co-founder of finder.com.au, believes a Trump-style removal of government red tape will allow people to hope for prosperity again.

Mr Schebesta, who has since made a fortune on digital currencies, said his most recent dealings with the Australian Securities and Investments Commission were an example of government control gone too far.

In 2022, the watchdog sued Mr Schebesta in the Federal Court over the Finder Earn product.

The product allowed customers to convert deposited funds to cryptocurrency while offering four to six per cent interest. 

The lawsuit claimed the company was operating without the necessary financial license and putting customers at risk of harm. However, the case was dismissed.

Going out and suing companies and people for cryptocurrency businesses, when theres no law, is like suing the Wright brothers before they have a pilots licence, Mr Schebesta told news.com.au.

Both Mr Schebesta and the government await the result of a further appeal to the case in April last year.

He hoped the Coalition was following the lead of the US President on cryptocurrencies

Mr Schebesta said it was refreshing the Coalition was following the lead of Donald Trump on cryptocurrencies and vowing to be a friend of alternate wealth sources.

It gives hope for innovation and prosperity for the future. Those things were getting crowded out for a long time. In America, right now, you feel hope. You feel good about the future, Mr Schebesta said.

Australia needs that. We are lost in the sea right now. Were shipping minerals … what else? 

At least have some policy to potentially allow innovation. Theres no prosperity-driven growth mindset.

The crypto king said he was on a trip to New York in 2016 when he began digging into Bitcoins potential.

He found himself particularly drawn to the decentralised trading nature of the currency. 

Mr Schebesta purchased a significant amount of Bitcoin – although he wont disclose the exact amount – when it was priced at around $6,000 after doing some of his own research.

Bitcoin is currently valued at $123,000.

In the years since, he has sold off some of his holdings and invested in other coins.

However, now he said he tends to adopt a buy-and-hold strategy.

Mr Schebesta’s net worth is believed to be more than $300million.