Ohio becomes first US state to let people pay business taxes in Bitcoin
Many investors have said Bitcoin will take off when you can pay your taxes with it, well that time might be getting closer.
Cite or link to this article
Griffin, M. (2018) 'Ohio becomes first US state to let people pay business taxes in Bitcoin', 311 Institute, 2 December. Available at: https://www.311institute.com/aohio-becomes-first-us-state-to-let-people-pay-business-taxes-in-bitcoin/ (Accessed: 1 October 2026).
There's a lot of legal uncertainty in the US surrounding cryptocurrencies, and many other investors, like Kevin O'Leary ABC show Shark Tank fame, have said that they'll only believe Bitcoin and other cryptocurrencies are "real things" when you can pay your taxes with them, and now in spite of all the politics and opinions the state of Ohio is pressing forward with them, and as of this week Ohio be the first state to accept Bitcoin for paying tax bills.
The Wall Street Journal, who first announced the introduction, notes this will be limited to businesses purposes only, and will not include being able to use Bitcoin to pay personal taxes, and that no Bitcoin is going directly into Ohio's coffers, an Atlanta firm, BitPay, converts the virtual cash to dollars first. Despite this though the new way of paying could be a much more convenient arrangement for shops that already take Bitcoin and who’d rather not exchange it just to cover their sales tax payments.
This move doesn't eliminate the regulatory concerns around cryptocurrency though, and it's doubtful that more than a handful of businesses will use it. And it's happening in Ohio because state Treasurer Josh Mandel says he can do it without requiring help from the legislature or the governor, and that it would be considerably more difficult to implement this new initiative if he had to get a bill passed for it.
Nevertheless it could be a significant move. Coin Center director Jerry Brito noted that this could help end the stigma around bitcoin, which is unlikely, and show that it's useful for above board purposes like taxes, and with New York and other states are already taking steps to greenlight cryptocurrencies you might see others follow suit if Ohio's efforts are successful.
What this means for your organisation
Legitimacy grows.
Investors have long said crypto would be real when taxes could be paid with it. A US state now accepts it for business taxes. That signals growing official acceptance.
Intermediaries still matter.
BitPay converts Bitcoin to dollars before the state receives it. Governments avoid holding crypto directly. Firms can accept crypto through similar partners.
Regulation is unsettled.
Legal uncertainty around crypto remains. Few businesses may use the option at first. Track rules before expanding crypto payments.
Three questions for your next leadership meeting
- Should we accept crypto payments through a conversion partner?
- How would crypto tax payments affect our treasury processes?
- Which crypto regulations could affect our plans?
The trends and technologies behind this story
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s article and 311 data. First published on Fanatical Futurist.
FAQ
Why does this matter?
Many investors have said Bitcoin will take off when you can pay your taxes with it, well that time might be getting closer.
About the author
Matthew Griffin Founder, President and Futurist, 311 Institute
Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath."
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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 17-time best selling author of the "Codex of the Future" series, Matthew is the Founder, President and Futurist of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.
An award-winning YouTube creator with over a million followers, with an unrivalled global reach and impact, Matthew is a highly sought-after international keynote speaker, lecturer, and mentor who collaborates with global leaders through the United Nations Alliance of Civilizations (UNAOC) and United Nations General Assembly (UNGA) to shape pivotal initiatives such as the UN’s AI for Humanity programme, the United Nations Conference of the Parties (UN COP), and the World Economic Forum in Davos.
As the former Global Head of Cloud, National Security, and Enterprise Sales for companies including Atos, Dell-EMC, and IBM, Matthew has a proven track record of building multi-billion dollar business units and turning failing divisions into market leaders. His ability to identify, analyse, and communicate the implications of hundreds of emerging technologies and trends is unparalleled, and his insights are trusted by many of the world’s most respected organisations, including ABB, Accenture, Adidas, AON, ARM, BCG, Centrica, Citi, Coca-Cola, Dentons, Deloitte, Dow Jones, EY, Google, KPMG, Lego, Legal & General, LinkedIn, Microsoft, PepsiCo, Qualcomm, RWE, Samsung, Siemens AG and Siemens Energy, T-Mobile, UBS, VISA, Walmart, Workday, Worldpay and many others.
Regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, Matthews mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.
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Sources and further reading
- Pay taxes with bitcoin ohio says sure 1543161720 wsj.com
- BitPay bitpay.com
- Coin Center coincenter.org
Source: first published by the 311 Institute on 2 December 2018. Cite as: Griffin, M. (2018). Ohio becomes first US state to let people pay business taxes in Bitcoin. 311 Institute. https://www.311institute.com/aohio-becomes-first-us-state-to-let-people-pay-business-taxes-in-bitcoin/
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