{"id":2385,"date":"2024-11-09T15:32:37","date_gmt":"2024-11-09T15:32:37","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2385"},"modified":"2024-11-09T15:32:37","modified_gmt":"2024-11-09T15:32:37","slug":"detroit-becomes-largest-us-city-to-accept-bitcoin-and-crypto-for-tax-payments","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2385","title":{"rendered":"Detroit Becomes Largest US City To Accept Bitcoin And Crypto For Tax Payments"},"content":{"rendered":"
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On Thursday, Detroit announced plans to become the largest city in the United States to accept Bitcoin and other cryptocurrencies for tax payments. According to local media reports<\/a>, residents will be able to make payments through a platform managed by PayPal from mid-2025 as the city looks to modernize its payment systems.<\/p>\n

Detroit\u2019s Cryptocurrency Move<\/h2>\n

Mayor Mike Duggan expressed excitement about the initiative, emphasizing Detroit\u2019s commitment to fostering a \u201ctechnology-friendly environment\u201d that supports residents and entrepreneurs<\/a>. Duggan stated:<\/p>\n

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Detroit is building a technology-friendly environment that empowers residents and entrepreneurs. We are excited to be one of the first major US cities to explore blockchain\u2019s civic applications and allow residents to use their cryptocurrency as a payment option.\u00a0<\/p>\n<\/blockquote>\n

The introduction of cryptocurrency payments<\/a> aims to increase accessibility for Detroit residents, including those who may be unbanked, by providing more options for electronic payments.<\/p>\n

Detroit\u2019s decision places it among a select group of jurisdictions embracing cryptocurrency for governmental transactions. Only three US states\u2014Colorado, Utah, and Louisiana\u2014currently accept cryptocurrency for state payments.<\/p>\n

Is Bitcoin Set To Become A Key Pillar Of 2025 Economic Policy?<\/h2>\n

In conjunction with the cryptocurrency payment announcement, Detroit is also inviting blockchain entrepreneurs to pitch ideas for civic applications of the technology.\u00a0<\/p>\n

Justin Onwenu, the city\u2019s first director of entrepreneurship and economic opportunity, spearheads this initiative as the city seeks projects that harness blockchain\u2019s potential <\/a>to enhance transparency, improve data security, and streamline public services. Onwenu remarked:<\/p>\n

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This announcement represents our openness to new ideas and dedication to positioning Detroit as a place for entrepreneurs and bold ideas to thrive. Blockchain technologies have the potential to drive greater accessibility, efficiency, transparency and security and we\u2019re excited to hear from entrepreneurs at the forefront of this work.<\/p>\n<\/blockquote>\n

The announcement comes on the heels of substantial investments in cryptocurrency from Michigan\u2019s state retirement system. Recent filings <\/a>revealed over $6.9 million invested in the ARK\/21Shares Bitcoin ETF and an additional $10 million in Ethereum ETFs.\u00a0<\/p>\n

However, with Donald Trump\u2019s victory in the presidential election on November 5, similar moves can be expected from other jurisdictions for 2025-2029. The now 47th President of the United States made key promises<\/a> during his campaign, including making Bitcoin a strategic reserve asset for the country.<\/p>\n

While Trump has vowed to make the US the \u201ccrypto capital of the world,\u201d with Bitcoin at the heart of every speech he has made in recent months, he has also suggested <\/a>that taxes on Bitcoin and other crypto transactions could be eliminated during his upcoming White House administration.<\/p>\n

\"Bitcoin\"<\/p>\n

At the time of writing, Bitcoin traded at $76,349, just below its record high of $76,880 set during Thursday\u2019s trading session.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On Thursday, Detroit announced plans to become the largest city in the United States to accept Bitcoin and other cryptocurrencies for tax payments. According to local media reports, residents will be able to make payments through a platform managed by PayPal from mid-2025 as the city looks to modernize its payment systems. Detroit\u2019s Cryptocurrency Move […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2385","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2385"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2385\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}