Bitcoin Marks 8th Anniversary of US Commodity Status

[Majestic-milf]

 I was just reading the news and stumbled on this. A day old piece but the information is still fresh and I thought to bring it on here for us to reflect and possibly share our opinions.

 Bitcoin has experienced a lot of events that have been pivotal since it's inception in 2008. When it was first introduced into the digital space, some regarded it with curiosity, while others outrightly disgust it.
One of such pivotal moments was when it reached an ATH of $67,567 in November 8, 2021. Another one, which is the reason for this post is the milestone achievement reached by Bitcoin on it's journey of being recognized as a financial asset by US regulators.
 In September 17, 2015, the Commodity Futures Trading Commission (CFTC) officially ruled Bitcoin as a commodity, establishing a regulatory framework for Bitcoin allowing it to be recognized as a commodity alongside Gold and other precious metals.
 In their ruling, and according to section (1)a of the Commodity Exchange Act, commodities are "all services, rights and interests in which contracts for future delivery are presently or in the future dealt with" and Bitcoin suits that definition.
This is an event worth celebrating as it helps us understand how far Bitcoin has come and this is especially noteworthy considering with how US SEC chairman, Gary Gensler has been closely watching other digital assets, trying to determine if they should be classified as securities.

https://bitcoinmagazine.com/legal/bitcoin-marks-8th-year-us-commodity-sec-crypto

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[yhiaali3]

Yes, arguably the two most important milestones in Bitcoin's short history are the ATH of $67,567. Another thing is the recognition of Bitcoin as a financial asset by US regulators.

Although I remember that an American judge ruled that Bitcoin is considered a form of money, however, Bitcoin is considered a more regulated commodity than a currency or investment, in addition to the fact that the volatility of Bitcoin makes room for futures trading.

Because futures markets allow investors to speculate without having to hold the underlying asset, Bitcoin has attracted the attention of large institutions and this has helped to position Bitcoin more as a commodity than anything else.

[hugeblack]

I think that the editors of bitcoinmagazine did not find any news that day, so they thought about exploiting this historical coincidence, but there is nothing special about classifying Bitcoin as a commodity that encourages us to celebrate it.
According to our concept, Bitcoin is considered money and not a commodity. It is traded and dealt with like securities, except that the central bank has no authority over it. The evidence for this is that sometimes governments recognize something in order to impose taxes on it.

[Poker Player]

I think that the editors of bitcoinmagazine did not find any news that day, so they thought about exploiting this historical coincidence, but there is nothing special about classifying Bitcoin as a commodity that encourages us to celebrate it.

You are probably right.

According to our concept, Bitcoin is considered money and not a commodity.

Well, according to Satoshi's initial idea that many people share, but some times an invention differs from the idea of its creator.

It is traded and dealt with like securities, except that the central bank has no authority over it.

I do not see the parallelism with securities, because in the markets you can trade securities and commodities indistinctly and that does not tell us anything about the nature of them.

The evidence for this is that sometimes governments recognize something in order to impose taxes on it.

I would modify "if you can't beat them, join them" to "if you can't beat them, tax them".

[zasad@]

Recently, a judge recognized Ethereum as a commodity, but since American cryptocurrency legislation is still being formed, a lot of questions arise.
If Bitcoin is a commodity, then why is it traded on crypto exchanges and their licensing procedures are different from commodity exchanges?
Then you can ask many more similar questions to which there will be no answers.