Tennessee city wants to accept property tax payments in Bitcoin

Jul 16, 2021 | CoinTelegraph News | 0 comments

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Jackson Mayor Scott Conger believes that Bitcoin is the only solution to fix inflation and the U.S. dollar devaluation.

United States’ city of Jackson, Tennessee, continues exploring a potential dive into cryptocurrencies, now looking to accept Bitcoin (BTC) for property tax payments.

Jackson Mayor Scott Conger announced late Thursday that the city’s blockchain task force had launched a study on potential methods to accept property tax payments in Bitcoin in the city.

The blockchain group will also explore how to allow employees to dollar-cost average Bitcoin, or purchase smaller amounts of Bitcoin over regular time intervals. Dollar-cost averaging Bitcoin purchases are considered to be the best strategy for accumulating Bitcoin, multiple studies confirmed.

Conger earlier took to Twitter to blast the ongoing inflation and the U.S. dollar devaluation, arguing that Bitcoin is the “only one fix for this.”

The latest announcement brings an update to Jackson’s broader crypto-related plans announced by Conger in April. The city has been actively exploring options to pay city employees in cryptocurrency, adopting Bitcoin mining operations and adding BTC on the city’s balance sheet. Conger previously hinted that the city could be also looking to enable payments in several other digital coins like Ether (ETH) and Litecoin (LTC).

Related: ​Crypto community divided on whether Bitcoin is an inflation hedge

As previously reported, Mayor Conger followed in the steps of Miami Mayor Francis Suarez, who has been pushing the city of Miami to adopt tax and salary payments in Bitcoin. Conger is also known for adopting “laser eyes,” a part of the crypto community’s flash mob supporting Bitcoin’s potential price surge up to $100,000. At the time of writing, Bitcoin is trading at $31,732, down 2.5% over the past 24 hours, according to data from CoinGecko.

News Source from CoinTelegraph.com

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