Kleiman vs. Wright Lawsuit to Make Bitcoin History; Will Increased Public Interest in Bitcoin Affect US Casinos & Businesses?

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Bitcoin is taking over financial news in the US as the Kleiman vs. Wright lawsuit has received an official ruling by Magistrate Judge Bruce E. Reinhart. And with public figures such as the current US president and a leading presidential candidate for the upcoming 2020 elections making public statements on the matter of the cryptocurrency and its underlying technology, the fate of many top Bitcoin casinos and businesses in the US is just as tried and put to the test.

Court Rules in Favor of Kleiman

The court document published on Tuesday decided in favor of Ira Kleiman, the brother of late David Kleiman, a years-long partner of Craig Wright. The latter one has recently been known to the public as a self-declared Satoshi Nakamoto, the mythical creator of Bitcoin, a claim that has been central to the court proceedings.

Kleiman filed a suit against his brother’s business partner in order to obtain the rightful share of the Tulip Trust business capital – Bitcoin intellectual property and mined coins. While solid proof of the claim has been dutifully provided, the main argument that brought the ruling in favor of Kleiman was Wright’s decision to perjure himself. When asked to provide evidence – Bitcoin wallet private keys – to his claim as the one and only Satoshi Nakamoto, the defendant argued that a complex encryption mechanism and his partner’s death were causing the delay. However, as this phase of the process draws to a close, Wright has said he may produce the keys that prove his claim by the start of 2020.

To carry out the Magistrate’s ruling, Wright will have to forfeit 50% of all intellectual property and Bitcoin mined prior the partnership, as well as any traceable assets. This means providing the Kleiman party with 500,000 BTC, worth about $5 billion at the time of writing, along with approximately 200,000 BTC worth of legal fees.

The move of this much Bitcoin alone is bound to cause turmoil on the market, while the claim to the Satoshi identity is all the more significant. Upon proving his alleged claim, Wright intends to use his authority over the technology in order to control its abuse by criminals, which is bound to cause a stir-up in the otherwise essentially decentralized peer-to-peer platform.

US Public Figures’ Rising Interest in Bitcoin

The judicial process isn’t the only one drawing the public’s attention to the cryptocurrency. In fact, the current US president Donald Trump did so a couple of weeks ago on his official Twitter account, referring to it as ‘thin air’. Another statement condemning the cryptocurrency has been made by US Treasury Secretary Steven Mnuchin, who went as far as to categorize it as a national security issue.

Nevertheless, not all is black for Bitcoin in the US nowadays, as many others see great potential in the cryptocurrency and its technology. Daryl Morey, the general manager of the Houston Rockets basketball team came forward on his latest purchase. An NBA team, the Dallas Mavericks, has also made a move, introducing Bitcoin as a means for purchasing match tickets and merchandise.

And with the US president elections coming up next year, candidate Andrew Yang promoting the blockchain as a new voting platform, there is bound to be more support coming its way.

The Future of Bitcoin

US crypto casinos such as Vegas Casino, as well as multiple businesses such as startups relying on the Bitcoin cryptocurrency will need to weather out the storm. All things considered, this is expected to bring in more long-term gains than losses, making it a worthwhile fight.

August 28, 2019: • No Comments

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