It’s Official (again), Bitcoin Is Money

Bitcoin has been shrouded in mystery – and the subject of endless discussion – since it was a twinkle in Satoshi Nakamoto’s eye in 2007. According to legend, Nakamoto, on record as living in Japan, may in fact be a collective pseudonym for more than one person. That’s just the beginning. For more on the fascinating history of Bitcoin, click here.

How does Bitcoin work? This brief video is as good as it gets for learning about the first truly decentralized currency in our lifetime.

Want to dig deeper? Marco Santori is a New York attorney specializing in virtual currency. We recommend subscribing to his podcast, The Lawyerist, if you are interested in expanding your knowledge of this space.

Podcast #14: Marco Santori on What Lawyers Should Know About Bitcoin

Why is this relevant now? Monday, U.S. District Judge Alison Nathan ruled that Bitcoin is money, according to an article by Jonathan Stempel. 

U.S. District Judge Alison Nathan in Manhattan rejected a bid by Anthony Murgio to dismiss two charges related to his alleged operation of Coin.mx, which prosecutors have called an unlicensed bitcoin exchange.

Murgio had argued that bitcoin did not qualify as “funds” under the federal law prohibiting the operation of unlicensed money transmitting businesses.

But the judge, like her colleague Jed Rakoff in an unrelated 2014 case, said the virtual currency met that definition.

(Click here to continue to full article.)

This comes after  a decidedly different decision in Miami in July. Tech circles paid close attention to the ruling of Florida v. Espinoza, where it was decided that Bitcoin is not money, at least not yet, and the currency still has “a long way to go.”

Miami-Dade Circuit Judge Teresa Mary Pooler ruled that Bitcoin was not backed by any government or bank, and was not “tangible wealth” and “cannot be hidden under a mattress like cash and gold bars.” Click here for the full article.

I guess we will all have to stay tuned. For now, Bitcoin is legitimized (again).

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