The latest figures of the 1,501 cryptocurrencies place the total value at $461,215,429,642 USD. Now that is a proper correction!
In mid-September 2016, a Federal judge in New York issued a ruling that states Bitcoin constitutes a form of money.
Wow, in late July 2016, a Florida Judge ruled that Bitcoin is not money
Wait a minute, in 2016, the European Parliament passed a proposal to set up a task force to monitor virtual currencies, such as Bitcoin. No real decision yet!!!!
But hold on, in 2015 the Commodities and Futures Trading Commission defined Bitcoins and all cryptocurrencies as commodities in their regulatory process.
Time out, in 2014, the IRS ruled that Bitcoin would be considered a taxed property. That is certainly not money.
Hold on, in 2014 the Financial Crimes Enforcement Network (FinCEN) [They Have Guns] provided guidance on bitcoin exchanges and payment processors, finding that they are considered money services businesses under US law.
This technology has certainly created a state of confusion!