BiExpert Claims IRS can Boost Bitcoin’s Value Once One Can Pay Taxes with BTC, Worthless Otherwise
There are those who argue that cryptocurrency does not any inherent value, but the counter to that is that paper money is valueless as well.
The latter argument may not be viable though, especially because fiat currencies are “backed” by the government. Thus, it has value.
When it comes to cryptocurrencies, their worth comes from those who believe in it. For the community to believe in cryptocurrency, it must have a use power. There is also the argument that to have staying power, it is necessary to allow citizens to pay their taxes using the cryptocurrency.
The good news is that there has been some transition. For example, Ohio is the first state that will allow residents to pay their taxes using bitcoin. The bitcoin payment will then be converted into dollars. Hopefully this is the start that leads to a bright future.