Ohio on Monday became the first state to accept bitcoin as a tax payment option for businesses, and United Press International went to Vellum partner David Veksler for the definitive take on the story:
“Part of the reason cryptocurrency is so volatile is that nobody knows what will happen to it in the future,” said David Veksler, director of technology at the Foundation for Economic Education, which promotes free-market economics. “It could fail entirely, it could play a small role in our currencies, or it could have a major role — as big as the dollar.”
Ohio’s decision to accept bitcoin as money could help stabilize its value, especially if other states follow Ohio’s lead, Veksler said.
“It’s an extremely positive sign to have a state government treating bitcoin as money,” said Veksler, who is also a managing partner as a hedge fund that specializes in crypto assets.
Veksler said he suspects the move will encourage business that use cryptocurrencies to relocate to Ohio.
Read more: Ohio becomes first state to accept tax payments using Bitcoin