Australian Mayor takes the orange pill; Bitcoin for tax payments

Sahana Kiran
Source – Unsplash

Government officials in the US changed the dynamics of the financial world by extensively adopting Bitcoin [BTC]. The Mayor of Miami, Francis Suarez, inspired many Mayors to follow suit and accept their salary in BTC and even change their respective cities into crypto hubs. Now, this wave seems to have reached the land down under.

Tom Tate, the Mayor of Gold Coast, Australia decided to jump onto the crypto bandwagon. He recently put forth the plan of Bitcoin being used to pay local property taxes.

Gold Coast remains a popular tourist destination, thanks to its long beaches. The increased use of Bitcoin in the region would undoubtedly prove beneficial for the cryptocurrency.

While noting that this implementation was still in its research stage, Tate revealed that his latest move displayed how innovative the region was. He further added,

“It sends a signal that we’re innovative and bring in the younger generation.”

Furthermore, Australia has been welcoming all things crypto with open arms. Recently, the country got its first crypto ETF. However, the fervor around it was limited.

Additionally, Australia welcomed its new Prime Minister, Anthony Albanese last month. While Albanese preps to take over the office, crypto regulations were reportedly a part of the PM’s concerns.

Volatile Bitcoin no more a concern?

Time and again, Bitcoin’s volatile nature has been displayed in a bad light. While some regulators continue to express concerns, a few others seemed to have made peace with it. Gold Coast’s Mayor, Tate did not seem to pay much heed to the scare around volatility. He even said, “the volatility is not that bad.”

Currently, Bitcoin went from being extremely volatile to stagnant. The cryptocurrency has been stuck around the $30K-$31K zone for quite some time now. During press time, Bitcoin was trading for $31,164 with a 5 percent surge over the last 24-hours.