Ohio Skeptics: There’s No Advantage In Paying Taxes With Bitcoin

Ohio recently decided to allow businesses to pay their taxes with Bitcoin and the decision has spiked criticism among crypto skeptics so we read more about it in our bitcoin news.

According to skeptics, this decision is a ‘’gimmicky PR Stunt’’ that is unsustainable. Because of the high volatility and price fluctuations, bitcoin is still far away from mass adoption and this makes it unsustainable and impractical.

Professor Kevin Werbach from the Wharton School of the University of Pennsylvania believes that this decision is a classic PR stunt:

‘’There is not a particular advantage in paying your taxes with bitcoin today. The state just wants to signal that it’s ‘cryptocurrency-friendly.’’

Werbach has already taught a class called ‘’Blockchain, Cryptocurrency and Distributed Ledger Technology.’’ He is one of the many business-school professors that believe the top MBA programs should offer courses in blockchain and crypto.

Another professor at the University of Michigan’s Ross School of Business, Andrew Wu explained that bitcoin’s high volatility makes it an unattractive payment mechanism. He also doesn’t think that Bitcoin will gain mass adoption but thinks that blockchain is a game-changing innovation.

However, there are already some businessmen that paid taxes using Bitcoin and one of them is Bernie Moreno, a car dealer from Ohio. He sold three cars to people who paid for them in Bitcoin. He sold two Porsches and one Aston Martin.

Other supporters of this method come from the UK such as Eddie Hughes, a member of the British Parliament says that this is a great first step towards mainstream adoption of crypto.