Bitcoin finally wins as Chinese Court Declared BTC Legal as Virtual Property

Bitcoin (BTC) has now been declared as a legally recognized virtual property by a Chinese court. As per the Hangzhou Internet Court ruling, Bitcoin has the characteristics to be regarded as a virtual property and thus owning Bitcoin will be legal in China. The court also said that the digital currency thoroughly meets the criteria of a virtual property’s definition as it is scarce, has value, and is disposable too. Moreover, all those who hold BTC will find themselves protected by the legal system of the nation, as first reported by The Beijing News.

‘Google Coin’ Within 2 Years as FANGs Will Go Crypto, Say Winklevoss

Digital currency will form part of all four FANG companies’ offerings by 2021, Tyler and Cameron Winklevoss told CNBC in a new interview on July 9.

Speaking about Facebook Libra, the twins, who co-founded cryptocurrency trading platform Gemini, said it was only a matter of time before other tech giants followed suit.

Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns

Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior United States lawmaker.

Market visualization courtesy of Coin360

Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development.
Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself.