The SEC confirmed Bitcoin’s classification as a commodity

SEC chief Gary Gensler confirmed that the organization classifies Bitcoin as a commodity. He said this during an interview on CNBC.

Gensler also recalled on the air that cryptocurrencies are a speculative asset class. When people buy Bitcoin or other cryptocurrencies, they knowingly expect to make a quick profit. He also said that many cryptocurrency assets have the specifics of securities and are administered by the SEC.

Bitcoin supporters took Gensler’s statement positively. This is a publication from community crypt​odefix.com. Michael Saylor, head of MicroStrategy, said that it will allow politicians, agencies, government and institutions to support Bitcoin as a technology and digital asset, which will lead to economic growth and the spread of property rights and freedom.