Michell Espinoza, a Florida resident has criminal charges against him for illegally selling Bitcoin and money laundering. He and his attorney are arguing that there are no criminal offenses because bitcoin is not recognized as real currency under Florida law.
Economics Professor, Charles Evans took the witness stand on Friday to help better inform everyone about Bitcoin. The main point of Evan’s explanation was that Bitcoin was not real money. No centralized government or banks back it, as the United States does for its dollar. Regulation still remains different from state to state, and in different countries, as well. To top it off, he mentioned how the IRS categorizes dealing with bitcoin as a little more than bartering.
“Basically, it’s poker chips that people are willing to buy,” Professor Evans stated.
Ironically, Evans received $3,000 USD worth of bitcoin for appearing as a witness for the defense.
As attorney Frank Andrew Prieto held up a U.S. Quarter, a value of 25 cents, he said “Is bitcoin an actual coin?”
“In a sense of a physical piece of base metal? No,” Evans answered.
Michell Espinoza was busted when he