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Colorado enables crypto payment for taxes

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Colorado enables crypto payment for taxes

Colorado enables crypto payment for taxes Oluwapelumi Adejumo · 7 hours ago · 1 min read

Residents can pay their individual income tax, severance tax, withholding tax, and excise fuel tax in crypto.

1 min read

Updated: September 21, 2022 at 2:25 am

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Cover art/illustration via CryptoSlate

Colorado residents can now pay their taxes using cryptocurrencies, Axios reported on Sept. 20. According to the report, Governor Jared Polis made this revelation at the Denver Startup Week.

Residents would now be able to pay their individual income tax, severance tax, withholding tax, and excise fuel tax in crypto.

The crypto payment option will be available for both businesses and individuals. In addition, the state plans to open its ledger for transactions and convert the cryptocurrencies into US dollars.

The Governor did not mention the assets that the state would accept.

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Polis said:

“We’re just showing again, from a customer service perspective, how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”

Earlier in the year, Governor Polis promised that the state would start accepting cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) as payment options for taxes in the state.

In 2019, Polis signed a law that exempted cryptocurrencies from securities law affecting other financial instruments.

Colorado’s crypto decision is coming at a time when most digital assets in the industry have lost more than half of their value due to tough macroeconomic conditions.

Colorado is the first state in the US to make cryptocurrencies an acceptable tax payment option.

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Meanwhile, several states and cities worldwide have adopted crypto payment options for residents to pay government bills.

In August, the Argentine province of Mendoza made stablecoins options available for residents to pay their taxes.

The government announced that Tether’s USDT and MakerDAO’s DAI would be accepted for taxes and automatically converted into pesos.

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Saylor gives away BTC via lightning network

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Saylor gives away BTC via lightning network

Saylor gives away BTC via lightning network Christian Nwobodo · 8 hours ago · 1 min read

Saylor sent 3 million sats (0.03 BTC) to winners of his Lightning meme contest.

1 min read

Updated: October 6, 2022 at 4:04 pm

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Cover art/illustration via CryptoSlate

Bitcoin maximalist Michael Saylor used the Lightning network to send 3 million sats (0.03 BTC) to three winners of his Lightning meme contest.

Crypto researcher Eric Wall shared a Twitter pool asking if Michael Saylor has completed more than three Lightning transactions.

Being a vocal Lightning network advocate, Saylor replied to the pool with a “Yes” and offered to send some bitcoin sats to winners of his Lighting meme contest.

The correct answer is Yes, and I will make three more transactions of 1,000,000 sats each to the 3 posters of the most liked #Lightning⚡️ memes in the comments below. https://t.co/qXZ90q4Ly9

— Michael Saylor⚡️ (@saylor) October 4, 2022

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The contest which ended on Oct. 5, saw @ShireHODL.@NEEDcreations,& @publordhodl emerge as the winners. Saylor sent each of the winners 1 million sats (approx. $203) via the Lightning network.

Congratulations are in order to @ShireHODL, @NEEDcreations, & @publordhodl, the winners of our #Lightning⚡️ meme competition. Each has received 1,000,000 sats, delivered via the Lightning network in a few seconds. https://t.co/wiBTW6jhgk

— Michael Saylor⚡️ (@saylor) October 6, 2022

@ShireHODL said he was looking to digitize the meme experience and turn his stats into a digital collectible. 

Next steps: Frame with print of Saylor’s original tweet, my meme, announcing winners tweet and this satscard. Should do the same @NEEDcreations and @publordhodl. Has anyone else ever received sats from Saylor? Could be a collectible. Only three 😁

— Shire (@ShireHODL) October 6, 2022

Saylor on Lightning Network

Since leading MicroStrategy to purchase its first Bitcoin on Aug. 11, 2020, Saylor has been bullish on any infrastructure proven to help bitcoin reach mass adoption.

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Saylor has maintained that the Bitcoin Lightning Network is the most important technology being developed today as it has the potential to scale bitcoin to billions of customers globally while leveraging the time-tested security of the Bitcoin layer.

Saylor’s MicroStrategy is working to develop a Lightning Network-based platform that will offer a Lightning wallet, enterprise servers, and enterprise authentication.

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Number of active Ethereum users increased 36% in Q3 despite bear market

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Number of active Ethereum users increased 36% in Q3 despite bear market

Number of active Ethereum users increased 36% in Q3 despite bear market Andjela Radmilac · 9 hours ago · 2 min read

Data from Dune Analytics showed that Ethereum gained over 4.5 million new active users in the third quarter.

2 min read

Updated: October 6, 2022 at 3:24 pm

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Cover art/illustration via CryptoSlate

Ethereum saw a significant increase in the number of unique users on its network in the third quarter.

Data from Dune Analytics showed that Ethereum gained over 4.5 million new active users in the third quarter. The growth breaks the trend of steady decline in users the network has been facing since the fourth quarter of 2021 when ETH’s price rose to its all-time high of $4,890.

The 4.5 million new users represent a 36% increase in its active user base, showing that the ongoing bear market did little to curb interest in Ethereum.

Number of unique active users on Ethereum per quarter (Source: BestBrokers)

Alan Goldberg, an analyst at BestBrokers, said that the long-anticipated Merge certainly brought more interest to the Ethereum network but isn’t the only factor that caused such a significant rise. Goldberg notes that the Merge was completed so late in the third quarter that ly wasn’t the only reason the network saw the uptrend in active users:

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“Other factors have to be taken into account, including the fact that people actually find cryptocurrencies as an investment option and the record lows of the third quarter of 2022 seemed like a bargain to individual investors.”

At the end of the second quarter, Ethereum’s price dropped below the $900 mark — causing a market frenzy. However, Goldberg believes that the low price must have looked like a bargain discount to many optimistic investors who jumped at the opportunity to enter the market. A cheap ETH could have also opened the door for retail investors priced out of the network due to high gas fees.

Since then, ETH’s price rebounded after breaking the $1,000 resistance and saw an increase of over 100%, nearly reaching $2,000 in August. ETH’s price — currently at around $1,300 — still represents a solid opportunity for investors.

Researchers at BestBrokers noted that price volatility and high volume are the two main factors driving interest in the crypto market. This is exactly what Ethereum delivered in the past quarter, attracting millions of new investors and showing the potential to attract even more. Goldberg added:

“The 36% increase in the active users within just 3 months may be interpreted as a sign that the crypto markets are getting back on the positive trend. The fact that the number of active users is over 14% higher than in the fourth quarter of 2021 when both Bitcoin and Ether prices were at an all-time high, only reinforces crypto analysts’ expectations that the markets have a great potential to rise again.”

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Bitcoin outperforms traditional crypto stocks in 2022 by up to 22%

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Bitcoin outperforms traditional crypto stocks in 2022 by up to 22%

Bitcoin outperforms traditional crypto stocks in 2022 by up to 22% Liam ‘Akiba’ Wright · 11 hours ago · 2 min read

MicroStrategy leads crypto stocks losing only 2% more than Bitcoin throughout 2022.

2 min read

Updated: October 5, 2022 at 10:58 pm

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Cover art/illustration via CryptoSlate

Bitcoin’s price is down roughly 56% since January but crypto-related stocks such as MicroStrategy, Riot Blockchain, Coinbase, and Hut8 Mining are down up to 74%.

The orange line in the chart below shows Bitcoin’s decline in 2022 as a percentage of the January price. The other lines represent major Bitcoin equities, none of which have had a good year in terms of stock price.

Source: TradingView

Coinbase

Coinbase reported a $1.1 billion loss in Q2 2022 as assets held on the exchange fell to just $96 million. Recently, the stock was downgraded to a SELL by Wells Fargo as “as rising competition and macro pressures will hurt the stock.” Coinbase, which uses the ticker COIN, was floated on Apr. 21 at $310 per share. As of Oct. 5, it is trading down 76% to just $72, while it is also down 71% since January.

MicroStrategy

Michael Saylor’s MicroStrategy is the best-performing crypto-related equity. The stock started the year at $576 but has fallen to $243, down 58% on the year. The stock hit yearly lows in July, trading at just $142. It rallied 150% to $361 in August; however, it has since dropped 30% despite announcements of further Bitcoin purchases.

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Block

Formerly Square, Block is down 62% since it opened the year at $164. It is currently trading at just $62, with insiders such as Alyssa Henry selling shares. According to an SEC filing, Henry sold 7% of their holdings for $1,715,491.

Crypto stocks underperform

Some investors may see crypto stocks as a safer alternative to directly purchasing crypto while gaining exposure to Bitcoin’s price. Alternatively, those using financial instruments that do not allow crypto purchases rely on such stocks for crypto exposure.

Spot Bitcoin ETFs have been rejected repeatedly in the U.S. over the years, but some have started appearing elsewhere, such as in Canada and Europe.

While the U.S. Dollar is near all-time highs, the equities markets are struggling. The S&P 500 hit an all-time high on Jan. 4 but fell roughly 21%, erasing all gains made after November 2020. Crypto stocks have lost, on average, three times more than the S&P 500 throughout 2022.

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