Weekend Roundup: Quibbling Over Definition of Money, Santander Group and Telekom Slovenije Show Interest in BTC
Weekly roundup by Cointelegraph.
Carlo Caraluzzo reported Thursday that a federal magistrate in Texas had ruled that Bitcoin qualifies legally as money.
“In twenty-three places throughout the IRS code, money is referred to as property,” federal magistrate judge Amos L. Mazzant wrote. “In fact, the IRS definition and guidance seem to point the court towards the similarities between money and bitcoin for federal tax purposes.”
Diana Ngo reported Tuesday that the Santander Group was looking into Bitcoin’s impact on the banking industry.
“Santander Group, the largest bank in the Eurozone by market value, commissioned 'insight network' and consultancy firm Yegii to conduct a study to ‘analyze the impact of bitcoin and other cryptocurrencies on banks and devise a strategic course of action.’"
William Suberg reported on Friday that Telekom Slovenije, the multi-million dollar Slovenian national telecommunications provider, has told Cointelegraph its intention to consider Bitcoin as a payment option. Meanwhile, the telecoms giant has also become an official sponsor of the upcoming Bitcoin conference in Ljubljana.
“We aspire to be a technologically advanced service operator. Therefore we closely follow the trends and the constantly emerging new technological ideas and advanced services, and Bitcoin is certainly one of them.”
Diana Ngo reported Thursday that American electronics retailer Newegg was extending Bitcoin payment options to customers north of the border, as well.
"Newegg is deeply committed to growing its business internationally – serving customers overseas, introducing new products from key Asian markets and evolving the way we transact with our global customer base," Newegg’s North American CMO said.
William Suberg reported Thursday that BitGive was officially given the IRS designation of a charity, which is important for tax purposes.
“BitGive itself is already a stalwart of the fledgling Bitcoin charity industry, having contributed to major international projects as well as partnering with existing organizations such as The Water Project to already achieve tangible results in developing nations.”
- Tone Vays’ “IntLicense” piece
- Wired’s Andy Greenberg on whether people will deal drugs and other contraband on OpenBazaar.
After last week’s big dip in price below the US$470 mark, Bitcoin has rebounded against the dollar and maintained a price between US$500 and US$515 throughout the week. This confirms Tone Vays’ analysis from last week:
“We will treat the US$500 as the support that is holding the price up, so assuming it does; the highest probability target is the bottom of the triangle at US$560. Once it gets there, the situation will be re-evaluated, but the most likely outcome is some more downside into early September.”
Keep an eye on another potential price drop next week.
Meanwhile, daily trade volume has settled back to what had been normal levels for most of the summer; this coincided with Bitcoin once again finding support at the US$500 mark.
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