Korea’s Supreme Court claims Crypto has Economic Value

South Korean Supreme court`s decision about the cryptocurrency value might be the backdoor to unraveling the regulatory boondoggle over custody
01 June 2018   879

The case regards a pornographer captured on charges of breaking the Protection of Children and Juveniles From Sexual Abuse Law in May 2017. The accusations that  go back as far as 2013 declare that the man identified only as Ahn had apportioned 235,000 indecent pictures online and made 1.9 billion profits from users of the site. During his arrest, 216 Bitcoin kept in a digital wallet was seized that the prosecution described as assets that were made illegally.

First, a lower court decided against the seizure affirming that “bitcoins only existed electronically and had no physical form.” Then the case was appealed by the prosecutor  in a higher court which “ruled in the prosecution’s favor, saying the cyber assets could be seen as profit earned from the trade in goods.”

The Supreme Court maintained this order and also added that the decision “will allow any cyber assets gained from illegal activity such as gambling, drug deals, pornography and prostitution to be confiscated.” The Supreme courts answer might be obvious in some ways, though it can also be the start for solving regulatory questions government services all over the world have been struggling with.

Cryptocurrency is “an asset with economic value”, there is no arguing with that.  Also the motivation for the ruling is obvious. Currently that the precedent has been stated it has to be no surprise that cybercriminals are sought out more actively.

Most Crypto to Fail, Digital Currency Group CEO Says

Barry SIlbert believes Bitcoin is a king and when the mood among major investors changes, BTC is waiting for serious and aggressive growth
14 February 2019   241

Barry Silbert, head of Digital Currency Group, continues to believe in Bitcoin’s great future, but questions the long-term prospects of most existing cryptocurrencies and digital tokens, saying in an interview with CNBC that they will all be worthless in the future.

I'm not a believer in the vast majority of digital tokens and believe most will go to zero. Almost every ICO was just an attempt to raise money but there was no use for the underlying token. The vast majority of what's out there will be eliminated.

Barry Silbert

Head, Digital Currency Group

At the same time, Barry Silbert is convinced that Bitcoin, despite the current “terrible schedule”, enjoys great interest from institutional investors and “won the fight for the title of digital gold”.

According to him, the new generation of investors no longer sees gold as a “safe haven”, and the money that is now in gold will be converted into cryptocurrency.

I'm convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials. I'm highly confident a lot of that will go into bitcoin.

Barry Silbert

Head, Digital Currency Group

Barry Silbert believes that the buy and hold strategy is fully justified, although it is still difficult to say exactly when large institutional money will go into Bitcoin. Nevertheless, he noted, at the beginning of 2019, all the necessary infrastructure was already in place, listed the upcoming launch of the Fidelity custodial solution and investment opportunities such as the Bitcoin futures platform Bakkt.

When the mood among major investors changes, Bitcoin is waiting for serious and aggressive growth, Silbert added.