While there are several catalysts for the rebound - among them the chaos in traditional capital markets, CoinTelegraph reports that the German Federal Ministry of Finances considers Bitcoin as tax-exempt so long as it is used as a means of payment, Cointelegraph auf Deutsch reported Thursday, March 1.

The German federal authority published its decision to not subject purchases with Bitcoin and other cryptocurrency to taxes on Feb. 27, citing the European Court's 2015 decision, which set a precedent for all members of the European Union.

The Court justified its taxing decision by stating that it considers cryptocurrency as a legal means of payment:

"So-called virtual currencies (cryptocurrencies such as Bitcoin) are considered equal to the legal means of payment, as long as these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose than being used as a means of payment."