It looked like the end of the road for bitcoin when the previous court ruling took the stand that it did not recognize it. That ruling has now been blanketed by another court ruling which has restored people’s confidence in bitcoin outlining that it bears an economic value.
A lot of speculation cropped up after the court ruling but that is normal considering that rulings from the same court were conflicting. Some people posed questions wanting to get a good explanation as to how the court reached its final decision.
The court had made a determination by making the consideration that bitcoin could be changed into money via an exchange. It could as well be used as a means of payment to the various merchants and thus there was nothing standing on its way in the qualification as something of economic value.
It was in the previous year that Ahn was arrested was arrested and the charges leveled against him were that he was linked to an illegal pornography site. Investigations were conducted and it got to a point where the federals were able to find and confisticate almost 216 bitcoins. They later made the confirmation that they had emanated from an online wallet.
South Korean Court in its determination considered a number of factors before giving its final verdict. The court established that the crime profit concealment law did not in any way or form put a restriction on criminal income to the goods. The restrictions were profoundly on the cash, the deposit, the stock as well as other properties bearing economic value.
One analyst following closely on the most recent developments opined, “Since Ahn’s arrest in April, the price of bitcoin has risen significantly. The 191 bitcoins are worth approximately 2.13 billion won (~$2 million) at the time of this writing based on bitcoin’s price on Bithumb, one of the country’s largest cryptocurrency exchanges.”
One notable aspect and which most of the market observers hold a similar view on is the fact that bitcoin has ‘several lives’. It usually gets to that point when it seems like all hope is gone for it, but the twist of events ends up proving a lot of people wrong.