I recieved this news as a good news. I may not be aware of the details and the intention of the court and government in identifying Bitcoin as a unique currency, however, it is generally a beautiful idea that can thrive when fully brought to live and implemented.

Lending from their idea of demystifying Bitcoin above any other virtual or digital currency boils down to how the currency has consistently maintained it's relevance and dignity over the years through its open source technology and decentralization. Like the article mentioned at a point, owning Bitcoin is a personal decision and how you intend to use it is still left to the owner.

The value of the digital currency goes up and down by the time, as it's reflective of the market trends and investment bloom over the time. Nonetheless, it's fluctuations in value is reasonably okay and could be easily monitored and predicted. This is adrift of other currencies which are closed to a centralized system and the volatility of the market is almost-always horrendous.

What gives me joy about this news is that if China is able to adopt Bitcoin as a means of transaction as investment currency, that will further strengthen the power of the currency across the globe taking into consideration, the influence and population of the country, China.

I am viewing this news from two perspectives.  One,  it is possible that the Chinese government is gradually changing the unfriendly perception about bitcoin so they are using court judgments to prepare the path for the policy change. Secondly, these judgments are merely for academic exercise, nothing will come out of them. The Chinese judiciary are not independent,  in fact they are just rubber stamp to the communist party.

Just like the US market, the Chinese financial market is a major player in the global economy. Bitcoin will get a big push if China changes its negative perception and policies. And the acceptance of Bitcoin by China will make other countries also become friendly to the currency.

I didn't consider Hong Kong that big of a deal because it's a very peculiar part of China where things are done differently and which even has a different legal status from most of China. But Shanghai's a very different story, as it's one of the biggest Chinese cities. The court suggest viewing Bitcoin as personal property, not a currency, but it's still significant. Is this decision likely to be overruled? Or is it likely that this court's actually expressing the view of the government, considering how centralized power is in that country?

Even if it is rejected, I still see it as a positive thing from the country of billion people because as we know, they are one of the countries with the harshest ban on bitcoin and cryptocurrency. So even if this recognition is rejected, it is certain that there will be other proposals in the future.

Bitcoin has been growing without China for years, this news is not big news for bitcoin. But it is also interesting to know that the demand for bitcoin has become so great that there is no way to stop it anymore. Like it or not, I believe the Chinese government must accept the fact that it cannot stop bitcoin.

Yeah, we should take everything with a grain of salt here. I mean it's surprises us that suddenly Shanghai People's Court recognized BTC, but it's kinda late though. They have had their hardline stance since 2017-2018 if my memory serves me right, that's why there are a lot of exchanges who move out and then the rating they gave to bitcoin is very poor.

Then the drama on the mining itself driving out most of the miners outside of China. And then they just make a U-turn this 2023? Hmm, something is not adding up right here from the Chinese government.

Oh yeah, we hear you China. I think they will definitely open the trades for crypto one more time because they had a horrifying end when they last time shut down every operation related to the mining of bitcoin. They had the biggest infra for the mining and they were getting paid enough in return for the electricity plants. I think they definitely have made a mistake. Now if someone is going argue that they shut it down because it was polluting the china then let us not forget how big their manufacturing plants are that pollute it.

The only reason they shut it down was heroic decision from the dicatrtos of china who always want to do something opposite to what world is doing. There was and there is no logic behind this.

Now they will reopen when they realise how much they are losing in the process.

No matter how we see this thing like Chinese government taking advantage of Bitcoin by possibly implementing tax, this a a good news inclined to adoption.  One big country that used to ban Bitcoin and is opening its door for Bitcoin to be traded, owned and use fuels the good sentiment of the Bitcoin market.  If China fully allowed Bitcoin in their country, this might be another catalyst for the making of the new ATH.

I'm not sure if this is worth celebrating. After all, this doesn't in any way change the policy of China as far as Bitcoin is concerned. And this isn't the first time that a Chinese court acknowledges Bitcoin in one way or another. But nothing has changed as regards Bitcoin policy. The courts, after all, don't craft state policies. Bitcoin remains illegal in the red state.

This is just a guide as to how courts treat cases which involve Bitcoin and other cryptocurrencies. There was a legal dilemma before as far as ownership of cryptocurrencies are concerned. I remember there was a case in which the court ruled that the stolen cryptocurrencies are not to be seized and returned to the owner because they weren't under the protection provided for by the laws on properties.

This recent recognition makes it clear that Bitcoin and other digital currencies are properties that are acquired and owned. So, such recognition is merely for the purpose of proper court disposal of cases involving cryptocurrencies.  

China probably needs to open up on Bitcoin as a censorship-resistant transactions network, especially during the current situation when the United States is restricting swap-lines and tightening the supply of U.S. Dollars. The network will fill the gaps that that restriction caused.

It's a good illustration of its usage as a tool for breaking down economic-political strongholds. Restrict swap-lines? OK, let's use a censorship-resistant, decentralized network.