Connect with us


Bitcoin [BTC] to be used to pay taxes in Ohio




Source: Pixabay

Starting this week, Bitcoin can be used to pay a variety of taxes. BitPay, a global Bitcoin payment service headquartered in Atlanta, will process these payments for the Treasury, converting BTC to US dollar, according to a report from The Wall Street Journal. At the moment, only BTC is accepted, with more cryptocurrency additions expected in the future.

The companies must register on the portal, and enter tax details like state registration number, payment amount and tax period. The amount due is paid with BTC using a wallet compatible with the Bitcoin Payment Protocol, like Mycelium. The Treasurer’s office will use BitPay to process the payments.

This makes Ohio the first state in the US to accept tax payment using a cryptocurrency. The site’s FAQ lists 23 taxes eligible for payment this way- Motor Vehicle Fuel [MVFT], Municipal Tax Electric Light & Telephone, Public Utilities Tax, to name a few.

The Ohio Treasurer’s office will be “leveraging technology to offer cutting-edge tools and services to Ohioans”. The benefits of this payment method include quick and secure payments, real time tracking, and transparency.

Companies operating in and paying taxes to Ohio, are eligible to pay by registering on, the cryptocurrency tax payment portal. Steps like these will ensure the state is seen as friendly by the cryptourrency community. Josh Mandel, Ohio State Treasurer, has told The Wall Street Journal that he “sees it [Bitcoin] as a legitimate form of currency.”

Other states reported to be considering cryptocurrency for tax payment purposes are Illinois, Arizona and Georgia. However, their plans had to be scrapped. In Arizona, the bill did not receive enough votes to pass. The fact that attempts are being made to incorporate cryptocurrencies, should be seen as a big step in “leigitimising” cryptocurrencies. Ohio has shown that Bitcoin is a tool that need not be used only for illicit activities, and which must be regarded as a big PR boost for cryptocurrencies.

Subscribe to AMBCrypto’s Newsletter


Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser




'Bitcoin is still going to $100,000', says Max Keiser
Source: Unsplash

CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,

“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.

Subscribe to AMBCrypto’s Newsletter

Continue Reading