Florida Ruling Denying Bitcoin Is A Currency Draws Mixed Reactions
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.
This post was published at Crypto Coins News on 01/08/2016.