Huge leap

Donald Trump is the crypto bull, we hear it all over the place, and there is definitely truth in that. But other things are happening all over the crypto sphere that is pushing crypto and Bitcoin higher.

Today, a huge next leap was taken for crypto, the city of Detroit announced that for the year 2025 they will start accepting crypto payments for the collection of taxes. That makes it the biggest city in the United States (maybe even the world) to do such a thing. And probably others will follow now. This is huge news for crypto, maybe even bigger in the short term, than Donald Trump becoming the next president of the United States.

Downsides

There are a few downsides to this, Detroit won't have any crypto wallets themselves, but you will have to use the PayPal exchange service, which of course has some difficulties.
First, it will make the transaction take longer, so the volatility of crypto could play a role in the payment. By the time the payment gets through, you could have paid too little or too much.
Second, there are costs involved in the exchange through PayPal, so it won't be the cheapest way to pay your taxes.

Boost for Detroit

The city that used to be the center of the automobile industry in the world, has been through rough times, bankruptcy, massive unemployment, crime,... By this move, Detroit could become a new hotspot for crypto friendly ventures, and give the city a new vibe. This will surely make Detroit interesting for Tech entrepreneurs.
For instance crypto mining companies could directly pay with their "product". This will give the city of Detroit and the state of Michigan an enormous boost!

Way to go, Detroit!

Sincerely,

Pele23

Posted Using InLeo Alpha