*By Carlo Versano* Bitcoin ー asset or currency? If it's the former, it's among the most volatile assets one can trade. If it's the latter, it just took a step toward legitimacy ー with the decision by the state of Ohio to allow businesses to pay their tax bills in Bitcoin starting this week. Ohio officials said they plan to extend the initiative to individual Ohioan taxpayers in the future. While it's limited in scope, the move represents an important tacit admission by a government body that Bitcoin is an acceptable currency, according to Bitcoin developer Jimmy Song. Song told Cheddar that it's inevitable that more bureaucracies will embrace Bitcoin as a legitimate currency. "It's just so convenient," he said. "Governments generally like the convenience of getting paid very quickly." The currency play is a long game, in his view. Bitcoin has struggled to gain widespread adoption over its 10-year lifespan, even as the recent speculation in crypto markets has made and lost fortunes in the meantime. Bitcoin plunged another 35 percent over the last week to settle under $4,000. "It takes some time before things gain acceptance," Song said. As a developer, Song hopes the volatility in the crypto markets will provide an opportunity for programmers and engineers to "put their heads down and develop" the supporting software that will strengthen Bitcoin as an acceptable currency ー which was always the intention, rather than think about it purely as a speculative trade. In the meantime, Song said he predicts "more pain to come" in the crypto markets, noting that Bitcoin investors are used to the roller-coaster ride. "This sort of thing happens all the time," he said of Bitcoin's most recent drop, noting that at [one point](https://twitter.com/Xentagz/status/1065332934721368064) in 2011 it lost 94 percent of its value in five months. A year-and-a-half later, Bitcoin was back to an all-time high. For full interview [click here](https://cheddar.com/videos/bitcoin-10-years-later-inside-cryptocurrency-philosophy).

Share:
More In Business
Michigan Judge Sentences Walmart Shoplifters to Wash Parking Lot Cars
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
State Department Halts Plan to buy $400M of Armored Tesla Vehicles
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
Goodyear Blimp at 100: ‘Floating Piece of Americana’ Still Thriving
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
Is U.S. Restaurants’ Breakfast Boom Contributing to High Egg Prices?
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
Load More