Canadian Town Starts Accepting Bitcoin for Property Tax Payments

The Canadian town of Innisfil, Ontario has announced it started accepting bitcoin as a payment option for property tax payments, for a one-year trial that’s going to start next month, in April. The payment option comes through a partnership with a Toronto-based cryptocurrency trading firm, Coinberry.

According to the municipality’s announcement, its 36,000 residents will soon be able to pay using the flagship cryptocurrency through its website, and other cryptocurrency payments options may soon follow. These include bitcoin Cash (BCH), ether (ETH), litecoin (LTC) and XRP.

These payments will be processed thanks to Coinberry’s cryptocurrency payment solution, Coinberry Pay. The funds received in cryptocurrency will be processed “in accordance with strict adherence to existing financial regulatory requirements,” and instantly converted into Canadian dollars.

This, as the municipality will only handle CAD and Coinberry, a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)-registered firm, will handle the cryptocurrency. Innisfil’s mayor, Lynn Dolin, was quoted as saying:

There’s no doubt that cryptocurrency is growing in usage and popularity. By getting into this now, we are making sure our municipality is ahead of the game, and signaling to the world that we truly are a future-ready and innovative community.

Notably paying taxes with cryptocurrency is starting to become an option. In November of last year the state of Ohio revealed it was going to start accepting bitcoin payments for taxes, through a partnership with crypto payments processor BitPay.

The state’s service currently only allows businesses to pay their taxes with BTC, and reports showed only two used the flagship cryptocurrency to pay their taxes by February, one of them being Overstock. Ohio’s service is reportedly going to be extended to individuals in the future.

BTC Now Below $8300, but Tom Lee Says ‘2020 Should Be Great for Bitcoin’

Siamak Masnavi

On Thursday (January 23), Thomas Lee, Co-Founder, Managing Partner, and the Head of Research at independent research boutique Fundstrat Global Advisors, while appearing as a guest on CNBC's post-market show "Fast Money", predicted that "2020 Should Be Great for Bitcoin" and explained why.

According to data from CryptoCompare, at press time (around 10:20 UTC on January 24), Bitcoin is trading at $8,273:

BTC-USD 24 Hour Chart on 24 Jan 2020.png

This is the first time that Bitcoin has traded below the $8,300 level since January 14, as you can see in the two-week BTC-USD price chart shown below:

BTC-USD 2 Week Chart on 24 Jan 2020.png

Since Bitcoin reached $9,151 at 01:00 (UTC) last Sunday (January 19), the BTC price has been steadily falling, perhaps in anticipation of the "traditional" slowdown in Bitcoin trading around the time of the Chinese New Year (which, this year, starts on 25 January 2020 and ends on 11 February 2021). This expected drop in Bitcoin trading volumes was something that Arthur Hayes, Co-Founder and CEO of crypto derivatives exchange BitMEX, predicted in a tweet he sent out yesterday:

However, Lee, does not seem concerned about the currently falling prices of Bitcoin and altcoins in the crypto market.

Lee, who was appearing on Fast Money to give his views on the stock, bond, and crypto markets, was asked by the shows's host, CNBC news anchor Brian Sullivan, if he was still bullish on Bitcoin.

Lee replied:

"Yeah, 2020 should be great for Bitcoin because you got number one the halvening happening -- the block reward for miners getting cut in half -- that's a good supply demand change. I think last year the White House killed the Bitcoin rally with their opposition, but with the presidential election cycle underway, it's not gonna be in the headlines, and that's bullish for Bitcoin. And then with geopolitical tensions in the Middle East, I think that's good for crypto... We're getting a lot more interest in it from our clients."