Overstock Paying Taxes in Bitcoin

Author: 
Ilija R
Date: 
January 05, 2019
Read time: 
2 minutes
Overstock
Taxes
Bitcoin

Overstock will be the first big US company to pay part of its taxes in Bitcoin. Ohio State has approved part of the business taxes to be paid in Bitcoin. Is this the beginning of the era of Bitcoin taxation as an alternative?

Overstock will be the first big US company to pay part of its taxes in Bitcoin. Ohio State has approved part of the business taxes to be paid in Bitcoin. Is this the beginning of the era of Bitcoin taxation as an alternative?

By using Bitcoin to pay their taxes, Overstock clearly showed support towards cryptocurrencies and blockchain yet again. They have been one of the first retailers to accept cryptocurrencies as a means of payment, all the way back in 2014. The taxes will be paid in February of 2019.

The state of Ohio has also shown great initiation towards supporting cryptocurrencies and blockchain technology. Ohio representatives stated that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation) is the best way to ensure the US does not lose its place at the forefront of the ever-advancing global economy.

cryptomaniaks

Blockchain acceptance

In the year of 2014, Overstock launched Medici Ventures, a business division that applies blockchain technology to existing industries which currently counts 19 blockchain companies in its portfolio. Four years later, Patrick Bryne confirmed that the focus of the company is exclusively on blockchain application to their retail business. Last year, Overstock revealed their plans on selling their decades-old retail business so it can go “all-in” on blockchain technology. This would leave it with its Medici Ventures subsidiary as well as with certain funds. That, along with the act of paying part of their taxes in Bitcoin has sparked the interest of many big companies as well as government officials.

Eddie Hughes, a member of the British Parliament, urged the UK government to consider allowing their residents to pay their local taxes as well as bills via Bitcoin.

“You’re either ahead of the curve or you’re behind the curve.” – Hughes stated.

We are seeing more and more governments being crypto-friendly as well as companies embracing blockchain. “The blockchain revolution has a greater potential than anything we’ve seen in history. It’s bigger than the Internet revolution.” – Bryne stated. It seems to only be a matter of time until we see the true extent of the blockchain revolution that the cryptocurrency supporters are announcing.

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Posted by Ilija R

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