RATE Group | Ohio’s Bitcoin Tax Payment Plan Is a Gimmicky ‘PR Stunt,’ Say Skeptics
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Ohio’s Bitcoin Tax Payment Plan Is a Gimmicky ‘PR Stunt,’ Say Skeptics

21 Dec Ohio’s Bitcoin Tax Payment Plan Is a Gimmicky ‘PR Stunt,’ Say Skeptics

Posted at 08:17h in Bitcoin News by

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Kevin Werbach

Ohio’s recent decision to allow businesses to pay taxes using bitcoin has fueled criticism that the move is a gimmicky “PR stunt” that’s impractical and unsustainable.

Skeptics say bitcoin’s volatile price fluctuations and the lack of mass merchant adoption makes crypto an unsuitable method of payment, the Detroit Free Press reported.

“The Ohio announcement is mainly a PR stunt,” said Kevin Werbach, a professor at the Wharton School of the University of Pennsylvania.

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

As CCN reported, Werbach taught a class last semester at Wharton called “Blockchain, Cryptocurrency, and Distributed Ledger Technology.”

Werbach joins a growing list of business-school professors who believe that top MBA programs should offer coursework in cryptocurrencies and blockchain because crypto is here to stay.

‘Extreme…

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