Following on from a 2015 announcement from the Commodity Futures Trading Commission (CFTC) that cryptocurrencies are a commodity (read here), a US judge has ruled that upheld that cryptocurrencies are commodities (read here).
What does this mean?
Should Crypto currency commodity mining contribute to GDP?
If it did, new crypto currencies commodities mined along with price discovery of mined currency commodity would have contributed about $500 billion to the world GDP in 2017. As a standalone country that GDP that would have been the 23rd largest economy by GDP. And we haven’t added the contribution of trading to the calculated GDP.
If as claimed by some people Crypto currencies commodities are the new gold and silver as they can be mined
There are 118 elements in the periodic table. There are over 12,000 (over 1,500 tracked by coinmarketcap.com) crypto currencies commodities and growing by around 10 a day. So, crypto currencies commodities aren’t rare, are they?
From the periodic table, 31 elements can be mined in the real world. In the crypto currency commodity world, mine what you like. So, are crypto currencies commodities really the new gold and silver?
Can we now call cryptocurrencies virtual commodities?
At least in the US you legally can!