Bitcoin experts gave different reactions to the Florida court ruling last week that bitcoin is not currency, according to CNBC , including the view that the ruling doesn’t have much impact on the cryptocurrency’s future.
Florida judge Teresa Pooler dismissed felony charges against Michell Espinoza who sold bitcoins to an undercover detective. Pooler ruled that bitcoins are not tangible wealth. She noted bitcoins cannot be hidden under a mattress like gold bars and cash. The prosecution charged Espinoza with violating an anti-money laundering statute. Judge: Bitcoin Not There Yet
Pooler said it is clear that the cryptocurrency has a long way to go before it is the equivalent of money.
Christopher Burniske, the blockchain products lead at ARK Investment Management , a financial services firm, said the judge failed to give bitcoin its due credit. He said the cryptocurrency is near fulfilling the same roles as money in that it is a unit of account, a means of exchange and a store of value. Bitcoin may not be the same type of money, and it may be unique, he said.
Bitcoin is a technology that can do more than fiat currency, he noted. As such, it should be given the space it needs do grow and innovate as a new asset class. Consultant: Bitcoin Is Currency
Vijay Michalik, a Frost & Sullivan research analyst, said the cryptocurrency clearly fits the specification of a currency. He said it’s a viable payment medium and exchange for a variety of transactions. He added that the cryptocurrency is fungible and has significant infrastructure and volume for currency exchange.
Anatoliy Knyazev, co-founder of Exante, an investment firm, said government agencies and courts will argue about the issue, but to a bitcoin user, the cryptocurrency is money.
The U.S. Commodity Futures Trading Commission classified bitcoin as a commodity in […]
