Bitcoin prices back above $300 following favorable EU tax ruling

Well it took a few near misses, but Bitcoin prices on most major Bitcoin exchanges rose above the $300 threshold early Wednesday for the first time since mid July.

Earlier this month we reported that Bitcoin prices were being pushed higher alongside the rising tide of commodity prices. That trend steadily continued through much of October.

And last week’s ruling by the EU Court of Justice seems to have pushed Bitcoin prices over the top. In its ruling, the ECJ ruled that exchanging traditional currencies for Bitcoin should be exempt from consumption taxes like value added tax (VAT).

The ruling was made in response to a case that originally arose in Sweden, leading the Swedish tax authorities to turn to the top EU court to decide on whether Bitcoin transactions should be covered by a European Union directive exempting currency transactions from VAT. The court ruled that Bitcoin should be treated as a means of payment, and as such should be protected under the directive.

Bitcoin back above $300

Bitcoin bid/ask prices. Source: Bitstamp.

Will Bitcoin continue its climb from here? Stay tuned to LeapRate…


Read Also: