Despite dealing with bitcoin on many different fronts, the authorities are still debating about the function that bitcoin fulfills. To some, it is a currency, to others it is a commodity and many others fill in the distance between those categories with creative definitions of their own. In the meantime, a judge in Florida was left to fill in the gap once more. Judge Theresa Mary Pooler acquitted Michel Espinoza of illegally transmitting and laundering $1500 USD worth of bitcoin. Her argument was that ‘bitcoin has a long way to go before it is the equivalent of money’.

Striking a Chord within the Bitcoin Community

There are many within the bitcoin community who would disagree with Judge Pooler’s appreciation of the cryptocurrency. The whole definition behind the label ‘cryptocurrency’ is precisely aimed at conveying the properties of these new digital assets. Nevertheless the authorities in the US would mostly disagree with categorizing bitcoin or other cryptocurrencies as…

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