Let’s say, instead of buying a lotto ticket someone invests in extremely low market cap crypto coins ($10,000 AUD total market value) such as coins that were created yesterday.
Every week they put $25 into newly created coins, 99.9% of the time the value drops to near zero, and their $25 is now worthless.
But one week they get lucky, and a coin absolutely explodes in value to upwards of 100m AUD
That $25 would now be roughly $250,000
Once they sell are they subject to pay CGT on this? or would this be considered gambling due to the extremely high risk of this?
Given that this is extremely unlikely to happen, if this isn’t considered gambling by law it probably should be.
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