Jacksonville Considering Bitcoin Payments for Taxes and Local Fees

News / 06.02.2021

Jacksonville, the largest city in Florida, is reportedly considering letting citizens pay local fees and taxes in Bitcoin. This could open opportunities for bitcoin adoption in the city and follows similar developments in Miami. 

Bitcoin Adoption on The Rise in Florida

This development in Jacksonville was revealed today by crypto Twitter influencer DocumentingBTC. He also alluded that the city was also considering allowing its employees to get their salaries paid in Bitcoin.  The state of Florida has witnessed a massive drive towards cryptocurrencies, particularly Bitcoin, in recent years.

This has not gone unnoticed by the governments of cities within the state who have proposed crypto-friendly regulations. The Mayor of Miami Francis Suarez, in particular, has been a significant supporter of Bitcoin in recent weeks. In December, Suarez hinted that he was open to exploring taking 1% of Miami’s treasury reserves in Bitcoin. This would represent around $18 million worth of bitcoins. 

Suarez also confirmed that the city was working to integrate bitcoin payments for property taxes and city fees. He also believes that Bitcoin has been a stable investment during an unstable 12 months in global finance. 

The mayor of Miami also stated that the person in charge of the city’s treasury is open to blockchain: “We have a good CFO who takes care of the Treasury, but who is open to the future when it comes to blockchain and crypto technologies”. he said. 

Growing Popularity of Bitcoin

These moves by the respective cities in Florida can be attributed to the increasing popularity of bitcoin. The leading cryptocurrency has recorded impressive gains in recent months that has grabbed the attention of mainstream media. 

Its rapid rise from $20,000 to $40,000 within the space of three weeks generated unprecedented demand for the coin. Institutions have also accumulated the leading cryptocurrency in recent months.  Despite a relative period of price stability, Bitcoin has made significant gains in the last 24 hours. At the time of writing, Bitcoin is valued at $40,600, representing a gain of 18.89% in the past seven days.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.