Bitcoin investments are real money! Bitcoin has been legitimized!
This is based on a tersely worded decision by Amos L. Mazzant, a judge who wasn’t about to let a cunning ripoff artist get out of his courtroom unscathed. But his decision, on examination, is sloppier than it looks. There are three key sentences, and a conclusion to his opinion.
Therefore, the Court finds that the BTCST investments meet the definition of investment contract, and as such, are securities.2
For these reasons, the Court finds that it has subject matter
jurisdiction over this matter, pursuant to Sections 20 and 22 of the Securities Act of 1933 …
Having found that the BTCST investments are “investment contracts” and, thus, securities, the Court will not
consider whether the BTCST investments are also “notes.”
That’s it for the conclusion. BTCST is Bitcoin Savings and Trust. It found that the (alleged) scammah-jammah’s representations to the public who gave him Bitcoins, are securities because Bitcoins were used as money.
The opinion discussion’s three most important sentences are: A. “It is clear that Bitcoin can be used as money.” B. “The only limitation of Bitcoin is that it is limited to those places that accept it as currency.” C. “Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money.”
So, bitcoin is money to the extent it is used as money.
PS – Forgive me for publishing this one late. I guess I got interrupted and didn’t hit publish.
PPS – The original post had an error, because I misread the meaning of the opinion by Mazzant. When I read it, I thought Mazzant was referring to bitcoins as the security which were redeemed. However, he was referring to the investments sold by Shavers. Thanks to Surda for pointing that out.