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 isn’t recognized as real currency under Florida law.
Economics Professor, Charles Evans took the witness stand on Friday to help inform everyone better about what Bitcoin is. The main point of Evan’s explanation was that Bitcoin isn’t real money. No centralized government or banks back it, like the U.S does the dollar. Regulation still remains different from state to state, and in different countries as well. To top it off, he mentioned how the IRS see’s dealing with bitcoin little more than bartering.
“Basically, it’s poker chips that people are willing to buy from you,” 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 he said “Is bitcoin an actual coin?”
“In a sense of a physical piece of base metal? No,” Evans said.
Michell Espinoza was busted when he tried to illegally sell and