Florida judge says Bitcoin is not a currency, but the road ahead is long

The huge fluctuations in the price of Bitcoin can create millionaires overnight or bankrupt investors in an instant. But a Florida judge believes that Bitcoin is not a currency. According to foreign media reports, a Miami-Dade County Court judge believes that Michell Espinoza used Bitcoin to launder money and illegally sold $1,500 worth of Bitcoin to undercover police officers.

Prior to the transaction, Espinoza was told by undercover police that they planned to use Bitcoin to purchase credit cards (a move that would qualify as money laundering under Florida law). Under Florida law, anyone who uses Bitcoin in a financial transaction that "facilitates" illegal activity can be charged with a crime.

“The judge is not an expert on economics,” said Judge Teresa Mary Pooler. “But the court is well aware that Bitcoin still has a long way to go before it can be on par with printed paper money.”