Ohio is in the daily cryptocurrency news this week, after becoming the first state within the US to officially accept tax payments in Bitcoin. As one report published on Wall Street Journal outlined, the state officially launched OhioCrypto.com – the website that lets users register and pay all of their corporate taxes to the government in Bitcoin (BTC).
In order to do this, the state government of Ohio has partnered with the crypto payment processor BitPay with which it will handle the payment in crypto and the conversion to dollars for the tax office.
First born by the current state treasurer Josh Mandel, this idea is definitely aligned with making cryptocurrency official – and a great way to rebrand the Buckeye State with forward-thinking tech ideas. So far, Bitcoin has been used for speculative purposes in most cases in the US and it hasn’t picked up as a means of payment for goods and services for several reasons.
One of these reasons is the massive price volatility which makes merchant nervous about it. However, Mandel is confident that the flagship cryptocurrency can be used as a “legitimate form of currency.”
While this move will definitely not affect the free fall of cryptocurrencies, it is still a small win for Bitcoin and one form of government approval which was lacking in the United States.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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