thecryptobasic.com
The City of Detroit will become the largest US city to accept cryptocurrencies as a means of payment.
In a press release on Thursday, the 26th-largest city stated that Detroiters will soon be able to make payments for city-related utilities through Bitcoin. Detroit noted that it will accept tax payments and city fees using cryptocurrencies.
The payment options would become available to Detroiters in mid-2025. The Thursday report revealed that Detroit partnered with financial technology giant PayPal to create a platform that would facilitate the payment option.
Detroit to Become the Largest US City Accepting Bitcoin
The debut of payment options will make Detroit the most populous US city to accept cryptocurrencies as a means of paying taxes and city fees. Notably, states like Utah, Colorado, and Louisiana have already adopted this payment option.
However, Detroit will become the largest US city to have adopted cryptocurrencies in that capacity. The Michigan Midwest-based city has a population of 633,218 as of 2023 and was once the fourth-largest, with almost 2 million residents in mid-1950.
Meanwhile, two other cities have teased accepting cryptocurrencies as a means of payment in the US, but it remains under deliberation. Miami and New York showed interest in adopting crypto settlements, with the former even creating a native token, Miami Coin.
Detroit Open to Blockchain Innovations
In an addendum to the crypto payment option, Detroit has called on entrepreneurs and innovators in blockchain technology to discuss ideas that would enhance the city’s transparency and data security.
According to the report, any individual or group with smart concepts on how the city could leverage blockchain’s endless potential should pitch to Detroit’s director of entrepreneurship and economic opportunity.
Detroit’s Mayor Mike Duggan expressed his excitement over the latest milestone, noting that the city is “one of the first major US cities to explore blockchain technology.” Treasurer Nikhil Patel further stated that the crypto payment option will curb the impediments faced by unbanked residences and promote flexibility for those intending to settle city-level utilities using cryptocurrencies.
Cryptocurrencies Near Mainstream US Adoption
Meanwhile, the growing adoption of cryptocurrencies underscores a rapidly evolving societal disposition towards the emerging sector. More states and government parastals are warming up to cryptocurrencies as the industry nears mainstream adoption.
State-level pension funds in Wisconsin and Michigan have invested a portion of their fiat stash in Bitcoin. Furthermore, other states, such as Florida and Arizona, are considering adopting the pioneering cryptocurrency as a strategic reserve asset.
At the national level, US President-elect Donald Trump and Senator Cynthia Lummis have already teased the concept of creating a national Bitcoin stockpile. Senator Lummis proposed a bill allowing the United States to acquire 200,000 BTC annually for five years, aggregating to 1 million bitcoins.