Justin Sun, the brain behind the Tron network, has unveiled crucial information on social platforms, shedding light on a critical endorsement of Bitcoin by the Shanghai No. 2 Intermediate People’s Court. This endorsement accentuates the singular and irreplaceable nature of Bitcoin, setting it apart from other virtual currencies, such as Q coins.
This disclosure by Sun indicates a formal acknowledgment of Bitcoin as a unique digital currency owing to its limited availability and intrinsic value. The position taken by the Shanghai court is remarkable, given China’s strict limitations on cryptocurrency dealings. The court recognizes digital currencies, especially Bitcoin, as having distinctive property characteristics due to their limited availability, influencing various social and economic dimensions significantly.
Furthermore, the Shanghai No. 2 Intermediate People’s Court endorsement highlights the growing scarcity and irreplaceability of Bitcoin and its digital counterparts. This legitimization is pivotal in an environment where the trade and exchange of cryptocurrencies on global platforms are prohibited.
Interestingly, the stance of Chinese courts contrasts with the government’s ban on cryptocurrencies. In September 2022, a legal counsel in China proposed that the law might offer protection to cryptocurrency owners in instances of loss or violation despite the ongoing crypto ban. This viewpoint is consistent with a verdict in May 2022 by a Shanghai court, categorizing Bitcoin as a virtual property, thus granting enhanced legal protection to digital currencies in China.
Moreover, there has been a notable surge in the value of cryptocurrencies in Sun’s public wallets, escalating to nearly $1.1 billion by September 19th from approximately $733 million on August 19. His most substantial cryptocurrency holding is Wrapped Staked Ethereum (WSTETH), estimated to be worth about $315 million.