Judge Rules Bitcoin Isn't Money Because It "Can't be Hidden Under A Mattress"
ZeroHedge.com Jul 26, 2016 10:40 PM
Submitted by Everett Numbers via TheAntiMedia.org,
In a landmark decision, a Florida judge dismissed charges of money laundering against a Bitcoin seller on Monday following expert testimony showing state law did not apply to the cryptocurrency.
Michell Espinoza was charged with three felony charges related to money laundering in 2014, but what appears to have helped to clear him of any and all wrongdoing was testimony given just a few weeks ago by an economics professor.
“This is the most fascinating thing I’ve heard in this courtroom in a long time,” Miami-Dade Circuit Judge Teresa Mary Pooler said after hearing Barry University professor Charles Evans present evidence during a May hearing that Bitcoin was more akin to“poker chips that people are willing to buy from you,” according to the Miami Herald.
Evans was given $3,000 in Bitcoin by defense attorneys for sharing his expertise, the newspaper reported.
Judge Pooler found the cryptocurrency, which is based on verified encrypted transactions that are recorded on a public ledger, did not constitute “tangible wealth” and“cannot be hidden under a mattress like cash and gold bars,” reported the Herald.
Pooler added that Bitcoin was not codified by government, nor backed by any bank.
“The court is not an expert in economics, however, it is very clear, even to someone with limited knowledge in the area, the Bitcoin has a long way to go before it the equivalent of money,” Pooler wrote in her decision.