Bitcoin is Property

Nicholas Mirzai and I recently wrote an article for the Australian Property Law Bulletin:

“The Bitcoin is Property” N Mirzai and J Ottensooser (2014) 29(5) APLB 94

The article discusses whether bitcoin is property, in both common law and following the economic indicia. Further, this article discussed the definition of bitcoin, a bit of international context and some policy ramifications of bitcoin being classified as property.

Photo by Antana CC-By-NC-SA

Here’s a sneak peek:

The concept of a “paperless” form of currency has historically attracted as many advocates as it has sceptics. That said, in the digital age within which we now find ourselves, it would be naive to close one’s eyes to the movements and developments of the internet and the methods of trading it facilitates and encourages. The emergence and seemingly overnight popularity of “bitcoin” and other cryptocurrencies have taken regulators around the world by surprise. The comfort of dealing with cryptocurrencies as a matter of personal preference put to one side, the proper characterisation, recognition, regulation and security of the cryptocurrencies all present pressing questions for lawmakers. Unlike many other developments in the law, the prolific expansion of the bitcoin highlights a real need for prompt and thorough legislative intervention. This is so particularly in Australia, where the use of bitcoins is increasingly growing. This article suggests an appropriate starting point for lawmakers approaching the topic and expresses a real need for legislative intervention in the near future.