Swiss canton of Zug starts accepting tax payments in cryptocurrency
The Swiss canton of Zug now allows its residents to pay taxes in cryptocurrencies like Bitcoin (BTC) and Ether (ETH).
Bitcoin Suisse, a local crypto broker that enabled the new opportunity in partnership with the canton, announced Feb. 17 that the crypto payment option has rolled out this week.
The administration of the canton of Zug placed an official memo for the new tax payment option on its official website, providing detailed video instructions for paying tax bills with crypto.
“This step forward for crypto adoption has been enabled by the pioneering work from the Zug cantonal tax office using the Bitcoin Suisse Crypto Payments solution. It is yet another sign of innovation in Blockchain Nation CH,” Bitcoin Suisse wrote.
The canton of Zug initially announced its plans to start accepting crypto for tax payment in September 2020, offering the new payment option to local companies and individuals.
Widely referred to as the “Crypto Valley” for its positive stance towards crypto, the canton of Zug started experimenting with crypto payments about five years ago. In May 2016, the city of Zug piloted Bitcoin payments for public services with a payment limit of up to 200 francs.
Zug is not the first location in Switzerland to support crypto tax payments. Zermatt, a municipality in the district in the canton of Valais, rolled out a Bitcoin tax payment option in partnership with Bitcoin Suisse in January 2020.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.
Author: by Ray Schuetz
Three important reasons why Ethereum is increasingly in demand
Ethereum’s performance in the last period is impressive: from 2020 the cryptocurrency has increased by 172.5%, the Market Cap is now more than $228 billion and the cryptocurrency reached a new all-time hight (over $2,000)
Although the whole market is in a bullish phase and even Bitcoin has reached a new all-time high, it is appropriate to follow Ethereum very carefully. Its rise and the growing popularity of ETH should not be overlooked or classified just like a “Altseason consequence”.
At least three growing areas of demand are fuelling the rise in the price of the ether:
This new system of decentralized finance (Defi) has drawn attention to itself from the beginning. Decentralized finance is totally based on the blockchain of ETH and this obviously makes it an increasingly valuable asset.
The new Ether network (ETH 2.0) is also creating a shock in providing media for digital assets. Ethereum 2.0 is an ongoing redesign of the network based on a new consensus mechanism called proof-of-stake (POS) and database sharing.
About 2.7% of ether worth $6 billion was deposited on the blockchain Eth 2.0. These funds are further blocked for about the next 12 months.
Big investors, such as investment funds, may be now very interested in obtaining the cryptocurrency. CME launched cash-settled futures contracts for digital assets in February 8. The contracts exceeded $160 billion in aggregate volume within the first week. Since the CME is one of the oldest and most reliable exchanges in the United States, the launch of the contract could signal an increasing institutional acceptance for the ether.
It is undeniable the interest that the entire crypto world has drawn much attention to itself lately and so many cryptocurrencies have greatly increased their value, even those with less convincing projects.
The exponential growth of ETH, however, is supported by the “strong foundations” like those we have listed before.
Published on 20 February 2021
Ethereum Gold Trading Up 27.3% This Week (ETG)
Ethereum Gold (CURRENCY:ETG) traded up 10.3% against the US dollar during the 1-day period ending at 18:00 PM E.T. on February 20th. Over the last week, Ethereum Gold has traded 27.3% higher against the US dollar. One Ethereum Gold token can now be bought for about $0.0159 or 0.00000029 BTC on cryptocurrency exchanges. Ethereum Gold has a market capitalization of $321,663.60 and approximately $77.00 worth of Ethereum Gold was traded on exchanges in the last day.
Here’s how similar cryptocurrencies have performed over the last day:
Ethereum Gold Token Profile
ETG is a token. It was first traded on October 11th, 2017. Ethereum Gold’s total supply is 24,000,000 tokens and its circulating supply is 20,199,973 tokens. Ethereum Gold’s official website is www.etgproject.org. Ethereum Gold’s official Twitter account is @ethereumgoldetg and its Facebook page is accessible here. The Reddit community for Ethereum Gold is /r/ethereum and the currency’s Github account can be viewed here. Ethereum Gold’s official message board is medium.com/@amandaETG.
Ethereum Gold Token Trading
Ethereum Gold can be bought or sold on the following cryptocurrency exchanges: . It is usually not possible to buy alternative cryptocurrencies such as Ethereum Gold directly using US dollars. Investors seeking to acquire Ethereum Gold should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, Gemini or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Ethereum Gold using one of the aforementioned exchanges.
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Author: Tristan Rich
Bitcoin and Ethereum Prices ‘Seem High,’ Says Musk | Top News
(Reuters) – Billionaire CEO Elon Musk said on Saturday the price of bitcoin and ethereum seemed high, at a time when the cryptocurrencies have hit record highs, with bitcoin crossing the $1 trillion market-capitalization threshold.
The chief executive of Tesla Inc, whose recent tweets have fueled the digital-currency rally, made the remark on Twitter while replying to a user who said that gold was better than both bitcoin and conventional cash.
Musk, who earlier in the week remarked that he found the prospect of holding bitcoin adventurous for an S&P 500 company, said in a tweet: “Money is just data that allows us to avoid the inconvenience of barter …”
“That said, BTC & ETH do seem high lol,” he added.
Bitcoin, the world’s most popular cryptocurrency, hit a fresh high in Asian trading on Saturday, extending a two-month rally a day after the digital currency’s market capitalization exceeded $1 trillion.
Ethereum or ether is the second-largest cryptocurrency by market capitalization and daily volume.
Musk, an ardent proponent of digital currencies, has defended Tesla’s recent purchase of $1.5 billion of bitcoin, which has ignited mainstream interest in the digital currency.
(Reporting by Bhargav Acharya in Bengaluru; Editing by Matthew Lewis)
Copyright 2021 Thomson Reuters.
Ethereum Crosses $2,000, Setting a New All-Time High – securebitcoinnews
Ethereum has broken a key psychological resistance barrier at $2,000.
ETH has crossed $2,000 for the first time. It’s trading at $2,014 at the time of writing.
The digital asset has experienced a violent rise in recent weeks. On Jan. 4, it crossed $1,000 amid a flurry of activity across the crypto markets.
The run then intensified, with ETH touching $1,430 on Jan. 19, a record high at the time. ETH had previously topped out at $1,420 in January 2018, but it then suffered a heavy crash during a prolonged crypto bear market. It was trading as low as $80 less than a year later, a 94% drop.
Along with Bitcoin, the second-ranked crypto asset has been hitting new all-time highs every few days throughout January and February. $2,000 is a key psychological resistance barrier for ETH, similar to BTC’s recent $50,000 milestone.
The Bitcoin price run intensified back in December when it crossed $20,000 for the first time. The asset has seen a new level of mainstream attention over the last few months, helped by large companies like MicroStrategy and Tesla buying in.
ETH often rallies when BTC does, so growing belief in BTC’s “digital gold” value proposition has doubtless helped its run. ETH often outperforms BTC, however. It’s up roughly 175% year-to-date, while BTC is up 89%.
Ethereum has also had various wins of its own recently. On Feb. 8, ETH futures launched on CME Group, the world’s largest derivatives exchange.
The NFT space, which runs on top of Ethereum, has also enjoyed a boom this year. Several notable celebrities and musicians have piled into the craze, among them Mark Cuban, Logan Paul, and Soulja Boy. This week, iconic auction house Christie’s announced its plans to list an NFT by Beeple. They’ll accept ETH in the auction.
DeFi, meanwhile, continues to grow. There’s over $43 billion locked in DeFi protocols today, according to DeFi Pulse. Despite competition from growing platforms like Polkadot, DeFi mostly centers around the Ethereum ecosystem today.
One major Ethereum development on the horizon is the EIP-1559 update, which could drop by the end of 2021. Described as an “ETH buyback” mechanism by EIP-1559 Tim Beiko, the update will see gas fees get burned to reduce the supply of ETH.
Ethereum’s market cap is now 232.8 billion.
Disclosure: At the time of writing, the author of this feature owned ETH, among a number of other cryptocurrencies.
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