{"id":22506,"date":"2024-11-09T15:34:14","date_gmt":"2024-11-09T15:34:14","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=22506"},"modified":"2024-11-09T15:34:14","modified_gmt":"2024-11-09T15:34:14","slug":"detroit-embraces-cryptocurrency-the-largest-u-s-city-to-accept-bitcoin-for-tax-payments","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/detroit-embraces-cryptocurrency-the-largest-u-s-city-to-accept-bitcoin-for-tax-payments\/","title":{"rendered":"Detroit Embraces Cryptocurrency: The Largest U.S. City to Accept Bitcoin for Tax Payments"},"content":{"rendered":"\n

On Thursday, Detroit revealed its intention to become the biggest city in the U.S. to accept Bitcoin and various cryptocurrencies for tax payments. As per local reports<\/a>, residents will be able to utilize a PayPal-managed platform for payments starting in mid-2025, aligning with the city\u2019s push toward modernizing payment methods.<\/p>\n

<\/span>Detroit Embraces Cryptocurrency<\/span><\/h2>\n

Mayor Mike Duggan shared his enthusiasm for the initiative, highlighting the city’s aim to create a \u201ctechnology-friendly environment\u201d that encourages support for residents and business owners. He expressed:<\/p>\n

\n

Detroit is cultivating a technology-friendly space that empowers our community and entrepreneurs. We are thrilled to be among the leading US cities exploring blockchain for civic use, enabling residents to use their cryptocurrency for payments.<\/p>\n<\/blockquote>\n

This move to incorporate cryptocurrency payments is designed to enhance accessibility for local residents, particularly those without bank accounts, by offering more electronic payment alternatives.<\/p>\n

Detroit\u2019s choice puts it amongst a few locations that are adopting cryptocurrency for government-related transactions, joining only three states\u2014Colorado, Utah, and Louisiana\u2014now accepting crypto for state payments.<\/p>\n

<\/span>Bitcoin as a Fundamental Part of 2025 Economic Strategy?<\/span><\/h2>\n

Alongside the cryptocurrency payment initiative, Detroit is encouraging blockchain entrepreneurs to propose ideas for civic applications of this technology.<\/p>\n

Leading this effort is Justin Onwenu, the city’s inaugural director of entrepreneurship and economic opportunity, as Detroit looks for projects that leverage blockchain\u2019s capacity for boosting transparency, enhancing data security, and simplifying public services. Onwenu stated:<\/p>\n

\n

This announcement signifies our willingness to embrace innovation and our commitment to making Detroit a playground for entrepreneurs and visionary ideas. Blockchain has the potential to offer improved accessibility, efficiency, transparency, and security, and we eagerly await contributions from the leading innovators in this field.<\/p>\n<\/blockquote>\n

This announcement arrives after significant investments in cryptocurrency by Michigan\u2019s state retirement fund. Recent documents unveiled over $6.9 million invested in the ARK\/21Shares Bitcoin ETF and another $10 million allocated to Ethereum ETFs.<\/p>\n

Following Donald Trump\u2019s recent election victory on November 5, other jurisdictions are likely to consider similar initiatives from 2025 to 2029. The newly elected 47th President of the United States made pivotal promises during his campaign, including the intention to designate Bitcoin as a strategic reserve asset.<\/p>\n

While Trump has proposed making the U.S. the \u201ccrypto capital of the world,\u201d emphasizing Bitcoin in his speeches, he has also suggested that his administration might eliminate taxes on Bitcoin and other cryptocurrency transactions.<\/p>\n

<\/p>\n

As of this writing, Bitcoin was priced at $76,349, slightly below its peak of $76,880 reached during Thursday’s trading session.<\/p>\n

Image provided by DALL-E, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"

On Thursday, Detroit revealed its intention to become the biggest city in the U.S. to accept Bitcoin and various cryptocurrencies for tax payments. As per local reports, residents will be able to utilize a PayPal-managed platform for payments starting in mid-2025, aligning with the city\u2019s push toward modernizing payment methods. Detroit Embraces Cryptocurrency Mayor Mike […]<\/p>\n","protected":false},"author":14,"featured_media":22507,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Detroit Embraces Cryptocurrency: The Largest U.S. City to Accept Bitcoin for Tax Payments - Bitrabo","description":"On Thursday, Detroit revealed its intention to become the biggest city in the U.S. to accept Bitcoin and various cryptocurrencies for tax payments. As per local"},"footnotes":""},"categories":[316],"tags":[1870,448,4564,504,10073,620,618,610],"class_list":["post-22506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-accept","tag-bitcoin","tag-city","tag-crypto","tag-detroit","tag-largest","tag-payments","tag-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/22506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=22506"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/22506\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/22507"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=22506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=22506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=22506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}