Although Bitcoin has been facing a devastating downward trend from the peak seen in December 2017, believe in the technology behind Bitcoin is growing by the day.
A recent article published in the Wall Street Journal hinted that the State of Ohio would now accept Bitcoin from businesses (not individuals for now) as a means of tax payment. The move was made because the Ohio State tax officials believe in the future of Bitcoin as a means of exchange.
Businesses that are willing to adopt this new payment method will have to visit and register on a website named Ohiocrypto.com to process their tax payments in Bitcoin.
Implications
The decision of Ohio State is a good news for the crypto community. Hopefully, many more states in and outside the US will follow the footsteps of Ohio and we may see a wider acceptability of Bitcoin as a means of payment and not necessarily as a store of value.
The decision of Ohio may also boost the confidence of individuals and other institutional investors to invest Bitcoin. And, of course, that may have some effect on price in the long run.
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