With each passing day, the cryptocurrency market witnesses multiple developments across the financial and political sphere. This mantra was reaffirmed again by the city of Jackson, Tennessee when its Mayor Scott Conger announced the new plans for property tax payments via cryptocurrencies. The potential results of this decision may set course a new era for blockchain and cryptocurrency adoption.
Conger stated that using cryptocurrencies such as Bitcoin could potentially save lots of time and effort on the user’s end. The government official approved the city’s blockchain task force to conduct in-depth studies on Bitcoin’s superiority over fiat currency.
In his recent tweet, Conger asked:
“Why do we accept inflation? Why don’t we demand more from our federal government?
6.3% in 2 years. 172.8% in my lifetime. Every year our dollar is worthless. There is no rebound.
There is only 1 fix for this.. #Bitcoin.”
Back in April, Tenessee had decided to explore the option to pay its employees in cryptocurrencies including Bitcoin, Ethereum, and Litecoin. Tenessee even plans to consider native cryptocurrency mining to add to the city’s balance sheets. The city’s positive sentiment about Bitcoin comes in the wake of several country’s assimilating Bitcoin into their financial systems.
Most analysts believe that Bitcoin’s record surge over the past couple of months caused it to become an accepted standard for many countries. At press time, Bitcoin was trading for $31,225 with a total market cap of $585.729 billion. A 5.12 percent weekly dip caused the daily trading volume to fall to $23.601 billion. Bitcoin’s bearish price action was still lower than its compatriots such as Etherum and Cardano.