The Old Dog Reports: While China And JP Morgan Attack Bitcoin, Switzerland Continues to Embrace it!
This week we have seen almost all digital currencies take a huge hit in their price. The reason is simple, panic selling on the following two pieces of news:
- One: Chinese authorities have said that they plan to shut down the exchanges that they are traded on. Will they themselves buy Bitcoin once the price is driven down?
- Two: J.P. Morgan boss Jamie Dimon called Bitcoin a "fraud that isn't going to work" Do you think that he might just have his own interests in mind?
Switzerland continues to embrace crypto!. Image source: Pixabay.com
Switzerland Takes The Opposite Approach!
One of the latest pieces of news out of Switzerland shows that they continue to embrace and welcome Bitcoin and other crypto. As of 2018, the Municipality of Chiasso will allow its citizens to pay their taxes using Bitcoin!
Here are a few excerpts from an article that appeared in our regional paper "Corriere Del Ticino."
The article is in Italian but you can also find many reports on this in English language articles.
From Corriere Del Ticino:
Chiasso will become the first Swiss city to permit partial payment of taxes in Bitcoin up to a maximum of Frs 250.00. The Swiss municipality has met with investors and developers in Bitcoin and Blockhain technology who have selected Chiasso as an operating base for developing these technologies. In the past several months 8 start-ups have selected this area to headquarter their activities and negotiations are taking place with other companies from all over Europe.
Chiasso is an internationally recognized community that is positioning itself as the epicenter of this technology and economic growth for the Canton and Switzerland.
An executive explained both the exponential growth of Bitcoin and Blockchain technologies, as well as some possible applications in the daily life of the municipality. As a first step, the City Hall has confirmed its interest in accepting the Bitcoin currency for the payment of taxes. The maximum payment, as said, may be 250 francs and this experimental method will start in January 2018.
With this exciting news Chiasso has joined Zug Switzerland which has already been dubbed as Crypto Valley!
See also this article: "Bitcoin and Other Cryptocurrency Technologies Are Aready a Way of Life in This Small Swiss Town"
Why is Switzerland so Crypto Friendly?
There are many reasons for this but one thing is for sure, when it comes to money, investing and business these people are experts and they know how to play the game!
What Will Happen Next?
Notice what Josh Mahoney, a market analyst at IG said “Past experience tells us that bitcoin will likely brush these latest challenges aside, yet with Chinese regulators clamping down and big name financial leaders talking bitcoin down, this has been a tough fortnight for cryptocurrencies,”
I for one am relaxed and either holding or buying. Keep Steeming and having fun!
Have we seen this all before?
What About You?
- Are you taking a long term approach?
- Do these huge price swings put you off?
- Will you be a buyer?
I hope that you enjoyed this article about Switzerland embracing Bitcoin and Blockchain technology!
Until next time,
@kus-knee (The Old Dog)
Switzerland is the bank vault of the world's elite. So if that country accepts crypto then all this crashing markets happening now is a sham. Time to buy what your crypto heart desires!
Great comment as usual!
These swings in the crypto market would push me to buy an awful lot more, if I had liquidity!
The currency war we have entered pushes the biggest of all fiat dragons to try to scare us, should we be listening? I definitely don't think so. We have all the technology in the world to deal with them. So, I keep on Steeming and dealing cryptos, only with more excitement about the future of it than before!
Thanks a lot for this piece of information. I have seen many tactics of the kind over the past and recent past and am far from scared from them anymore. All for one and one for all! Namaste :)
Yes it seems to be a regular thing.
Exactly!
Its time to hold and buy! This is actually a nice break for some of us who have a chance to get in on some coins at much cheaper price!
This is only bad for the ones who sold off......Panic sells FTL.
Great to see you again. Seems like you been away a while. Hope all is well and ur just having to much awesome time to get on Steemit ;-)>
Yes, we should all relax.
Thats right!
Thanks for staying cool Dawg!
We need collected, mature and responsible leaders in this community.
SteemON!
Interesting ....amazed about lil' ol' chiasso Switzerland being at the helm....never would have thunk it!!
And imagine, you used to live there!
in the while, I bought some EOS and BTS ;)
Did you have a look at this interview?
https://steemit.com/bitshares/@stan/my-digital-sovereignty-series-interview-with-giselle-koy
I'm listening to it now. thx @kus-knee! :)
Great post ;-)
Here in Switzerland, you can also buy BTC at the SBB ticket machine.
Talk talk also accepts BTC.
I'm holding long some of my cryptos... and I feel blockchain will change a lot of things in different areas in the near future.
Saludos
Yes, so cool about SBB!
I m with you @kus-knee ! Hold and if you can afford it , Buy !! 👍✌💕
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That is quite exciting to see a municipality like Chiasso accepting bitcoin for tax payments. At 250 francs it's not a large amount but that makes sense as an experiment.
Having the ability to pay one's full tax bill in bitcoin would seem to encourage more holding since it's a use we all know we'll have. Long term holders would much rather keep their bitcoin and enjoy future expected appreciation but in case of a fiat cash crunch the ability to pay one's required government "contributions" would be nice.
Regarding those future appreciations...I was just reading a post by @jrcornel about encouraging signs in the middle of the crypto sell-off. One of the videos he shared was of analyst Tom Lee sharing his analysis of the future of bitcoins appreciation for 2017 and the possibilities for the next 5 years.
Text summary of Lee's analysis points here in the comments.
Thanks for your great input and the links. I had a look at them. I also like your line about our required "contributions"!
Shhh.... don't write such positive articles. Let the rates fall to the floor freely so that poor people like me too can afford to invest some.
I love your humor @xyzashu