Jackson, Tennessee Mayor Proposes Bitcoin as Property Tax Payment 

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In Brief
  • The Mayor of Jackson, TN has proposed the acceptance of BTC for property tax payments. 

  • Conger also wants to allow employees the opportunity to dollar-cost-average in bitcoin.

  • The statement comes after growing concerns around inflation.

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City of Jackson Mayor Scott Conger has backed bitcoin following inflation concerns

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The City of Jackson Mayor recently expressed his thoughts on Twitter, backing bitcoin as the dollar continues to decline in value through inflation. 

The mayor expressed his concerns on the social media platform, saying, “Why do we accept inflation? Why don’t we demand more from our federal government? 6.3% in 2 years. 172.8% in my lifetime. Every year, our dollar is worth less. There is no rebound. There is only 1 fix for this… Bitcoin.”

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Following his comments, Conger stated further that the city’s blockchain task force is “looking into how the City of Jackson can accept property tax payments in bitcoin and allow our employees to dollar-cost-average (DCA) in bitcoin.” 

The accelerated risk of inflation following the Covid-19 pandemic has slowly begun to grab the attention of people within the U.S. Conger strongly believes bitcoin could be the answer to alleviating the risk of inflation if it continues at its current rate. 

Bitcoin offers a strong case against inflation 

Conger is not the first to use bitcoin as a potential answer for inflation. New York City Comptroller Candidate Reshma Patel has also previously stated that he wants the city to invest in cryptocurrencies and blockchain-based companies. Patel stated that she wants New York City pension funds to allocate between one and three percent to crypto. 

Patel added that cryptocurrencies could help diversify the city’s pension fund. For example, as a long-term hedge against inflation, or if public markets go south, “and the S&P goes down.” In those instances, she believes “investing in crypto would be a really wise thing.” 

Countries such as Venezuela have already considered bitcoin as a hedge against inflation. Economist Asdrúbal Oliveros of Caracas-based consultancy Ecoanalítica said “Many Venezuelans are using bitcoin to convert their bolívares, which are being devalued by hyperinflation, to keep something of value.”

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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