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City of Tennessee wants to accept property tax payments in Bitcoin

July 16, 2021 - Around 2 mins mins to read

The U.S. city of Jackson, Tennessee, which continues to research the potential of cryptocurrency immersion, is now looking to accept Bitcoin (BTC) for property tax payment.

Mayor Jackson Scott Conger announced Late on Thursday, the city’s blockchain task force launched a study into possible methods of accepting Bitcoin property tax payments in the city.

The blockchain team will also investigate how to enable employees to buy average bitcoins at dollar prices or to buy smaller amounts of bitcoin on a regular basis. Many studies have confirmed that, on average, buying Bitcoin at dollar cost is considered to be the best strategy for accumulating Bitcoin.

Conger previously used Twitter to fuel ongoing inflation and the devaluation of the US dollar, arguing that Bitcoin was “the only solution to this problem”.

The latest announcement brings an update on Jackson’s broader crypto-related plans that Conger announced in April. The city has actively sought ways to pay city employees with cryptocurrency, introduce bitcoin mining operations, and add BTC to the city’s balance sheet. Conger previously indicated that the city may also allow payments in a number of other cryptocurrencies such as Ether (ETH) and Litecoin (LTC).

Connected:Crypto community split over whether Bitcoin is an inflation hedge

As previously reported, Mayor Conger has followed in the footsteps of Miami Mayor Francis Suarez, who urged the city of Miami to implement bitcoin salaries and tax payments. Conger is also known for introducing a “laser eye,” which is part of a crypto community group that supports Bitcoin’s potential price of up to $ 100,000. At the time of writing, Bitcoin is trading at $ 31,732, according to data from CoinGecko, down 2.5% over the past 24 hours.

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Market

City of Tennessee wants to accept property tax payments in Bitcoin

The U.S. city of Jackson, Tennessee, which continues to research the potential of cryptocurrency immersion, is now looking to accept Bitcoin (BTC) for property tax payment.

Mayor Jackson Scott Conger announced Late on Thursday, the city’s blockchain task force launched a study into possible methods of accepting Bitcoin property tax payments in the city.

The blockchain team will also investigate how to enable employees to buy average bitcoins at dollar prices or to buy smaller amounts of bitcoin on a regular basis. Many studies have confirmed that, on average, buying Bitcoin at dollar cost is considered to be the best strategy for accumulating Bitcoin.

Conger previously used Twitter to fuel ongoing inflation and the devaluation of the US dollar, arguing that Bitcoin was “the only solution to this problem”.

The latest announcement brings an update on Jackson’s broader crypto-related plans that Conger announced in April. The city has actively sought ways to pay city employees with cryptocurrency, introduce bitcoin mining operations, and add BTC to the city’s balance sheet. Conger previously indicated that the city may also allow payments in a number of other cryptocurrencies such as Ether (ETH) and Litecoin (LTC).

Connected:Crypto community split over whether Bitcoin is an inflation hedge

As previously reported, Mayor Conger has followed in the footsteps of Miami Mayor Francis Suarez, who urged the city of Miami to implement bitcoin salaries and tax payments. Conger is also known for introducing a “laser eye,” which is part of a crypto community group that supports Bitcoin’s potential price of up to $ 100,000. At the time of writing, Bitcoin is trading at $ 31,732, according to data from CoinGecko, down 2.5% over the past 24 hours.

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