The Bitcoin it’s a property, not a currency

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A district judge from California, United States has ruled, to the effects of a bankruptcy case, the judge says that the bitcoin is a type of “intangible personal property”, from this point of view the judge is taking a preliminary decision, interpreting that the bitcoin forms part of the heritage of the company.

The case is a lawsuit by Michael Kasolas, who alleges that Marc Lowe a former promoter of the HashFast mining company received irregularly 3,000 Bitcoins shortly before the company be declared bankrupt.

Lowe was defended himself by alleging that, during the time he was promoting HashFast products, the company was treating the Bitcoin as a type of currency.

If the former promoter wanted to break out of this would only have to pay back $360,000 that was the price of the Bitcoin in the time in which received them, in contrast to the $1.3 million that are currently worth.

By definition the tangible and intangible assets are revalued over time, which should be taken into account to calculate its value as a dynamic element of the commercial activities of the companies.

In this way, it’s settling a precedent for the future legal disputes between users and companies who somehow try to make fun of the good faith of people.

 

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