{"id":144968,"date":"2018-06-22T08:00:25","date_gmt":"2018-06-22T12:00:25","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/money-has-changed-over-time-us-supreme-court-cites-bitcoin-in-positive-light\/144968"},"modified":"2021-08-23T18:12:53","modified_gmt":"2021-08-23T22:12:53","slug":"money-has-changed-over-time-us-supreme-court-cites-bitcoin-in-positive-light","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/money-has-changed-over-time-us-supreme-court-cites-bitcoin-in-positive-light","title":{"rendered":"\u2018Money Has Changed Over Time\u2019: US Supreme Court Cites Bitcoin in Positive Light"},"content":{"rendered":"

While traders and naysayers alike fret over bitcoin price, the market leader quietly achieved a first in its history. On June 21, Bitcoin appeared in a US Supreme Court ruling for the first time.\u00a0<\/strong><\/p>\n

\n

Supreme Court Reevaluates \u2018What We View As Money\u2019<\/h3>\n

As part of the\u00a0summary comments<\/a> on the case Wisconsin Central Ltd. v. United States, a judge mentioned Bitcoin while discussing \u201cwhat we view as money\u201d \u2014 suggesting it could at least have a future in how employees receive wages.<\/p>\n

Wisconsin Central Ltd. v. United States involved a dispute over whether the railroad company\u2019s worker stock options can be taxed in the same way as money when it constitutes a form of remuneration.<\/p>\n

The case, which came to court in April and received its verdict this week, saw a reevaluation of the essence of money \u2014 with Supreme Court\u2019s Justice Stephen Breyer arguing parties \u201cshould not be trapped in a monetary time warp.\u201d<\/p>\n

\"Supreme<\/p>\n

A Bitcoin Payment Future? \u2018Perhaps One Day\u2019<\/h3>\n

Justice Stephen Breyer wrote:<\/p>\n

A railroad employee cannot use her paycheck as a \u2018medium of exchange.\u2019 She cannot hand it over to a cashier at the grocery store; she must first deposit it. The same is true of stock, which must be converted into cash and deposited in the employee\u2019s account before she can enjoy its monetary value.<\/p>\n

Moreover, what we view as money has changed over time. Cowrie shells once were such a medium but no longer are; our currency originally included gold coins and bullion, but, after 1934, gold could not be used as a medium of exchange; perhaps one day employees will be paid in Bitcoin or some other type of cryptocurrency.<\/p><\/blockquote>\n

While Bitcoin achieves only a passing reference, reactions to Breyer were noticeably positive \u2014 with even mainstream media suggesting the Supreme Court could ultimately share a progressive stance on what Bitcoin is.<\/p>\n

The event comes just a week after the US Securities and Exchange Commission (SEC) decided neither Bitcoin nor Ethereum constituted securities<\/a>. The SEC currently considers Bitcoin to be a commodity<\/a>, not currency.<\/p>\n

What do you think about the Supreme Court\u2019s perspective on Bitcoin and money? Let us know in the comments section below!\u00a0<\/strong><\/p>\n

\n

Images courtesy of Shutterstock.<\/em><\/p>\n

The post \u2018Money Has Changed Over Time\u2019: US Supreme Court Cites Bitcoin in Positive Light<\/a> appeared first on Bitcoinist.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

While traders and naysayers alike fret over bitcoin price, the market leader quietly achieved a first in its history. On June 21, Bitcoin appeared in […]<\/a><\/div>","protected":false},"author":183,"featured_media":144969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-144968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\n\u2018Money Has Changed Over Time\u2019: US Supreme Court Cites Bitcoin in Positive Light - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Bitcoin appeared in a US Supreme Court ruling for the first time. 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