Bitcoin This Week: Florida And Colorado Show Support For Bitcoin, Bitcoin Prices And More

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Colorado Proposes To Accept Bitcoin For Campaigns

According to local news, political candidates in Colorado could start accepting Bitcoin and other cryptocurrencies as donations for their political campaigns. The Secretary of State, Wayne Williams, made the proposal last week. The US Federal Election Commission (FEC) has already approved Bitcoin as in-kind donations for campaigns, provided the donated funds are transferred to their official accounts within 10 days.

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As a result of this proposal, crypto donations would be treated in the same way as cash, with the value being determined at the time of donation. The proposal seems to be causing some issues already, with the secretary of state, Suzanne Staiert, commenting that this could become an accounting issue. If the was approved, Colorado would join New Hampshire, the first state to approve such donations.

Bitcoin Mining Consumes 0.5% Of The World’s Electric Power

According to a few reports, Bitcoin Mining could consume up to 0.5% of the world’s electric power by the end of this year. Last July, reports stated that the cryptocurrency mining industry was consuming more electric power than a small country. This would only increase by the end of 2018, making them extremely expensive and therefore no longer profitable.

According to a study made by Alex De Vries, Bitcoin mining consumes up to 2.55 gigawatts, which is slightly less than Ireland. He states that this will triple by the end of 2018, reaching a high of 7.67 gigawatts, which is the equivalent of that consumed by Austria. The conclusion of the study led to the 0.5% energy consumption figure for Bitcoin mining, and the effect which it is having on the world. This is one of the hotly debated topics in the cryptocurrency mining industry, which is why the industry desperately needs more projects to become eco-friendly and sustainable.

Florida Tax Collector To Accept Bitcoins For Payment

A tax collector in Florida’s Seminole County has announced its plan to begin accepting Bitcoin for payments of property tax, driver’s permit fees, license tags and more. According to Joel Greenberg, his office will begin accepting payments in both Bitcoin (BTC) and Bitcoin Cash (BCH) through its partner BitPay. This office will become the first US government agency to implement such a measure and could mark the beginning of an acceptance of the crypto industry.

Greenberg has been quoted as saying Bitcoin was the future, and although it’s quite volatile, it’s becoming more common in society. He added that this method of payment seeks to reduce fraud, to be more efficient and transparent, and to take US government services into a new era.

CEO Of Twitter Continues To Support Bitcoin

The CEO of Twitter and Square Inc., Jack Dorsey, has once again spoken of his stand with cryptocurrencies during Consensus 2018. In his speech, he stated that cryptocurrencies will become the payment methods of the future. He spoke of this technology representing a radical change in the world with an incredible outcome but noted the importance of educating regulators and the SEC to avoid further restrictions to cryptocurrency.

Dorsey has shown his confidence in admitting how Bitcoin will become the digital coin of the future, speaking of how it will rule internet payments. Let’s not forget that Twitter did ban crypto related ads from its platform, so the comments from the businessman do sound slightly hypocritical, although maybe his plans are to reintegrate such ads once the SEC clears the way.

Bitcoin Shows Small Signs Of Recovery

Bitcoin (BTC) had quite a week. After opening above the $8,700 mark, it experienced quite a fall on Monday dropping to the $8,400. Although it recovered throughout the next day, reaching the $8,800 mark, it fell further reaching its lowest point of below $8,000 on Friday. Through the week there were small signs of recovery, slowly but surely climbing back up to eventually close the week at above $8,500. Apparently, Consensus 2018 did not have the impact the community was expecting, while in other years it has shown incredible growth, this year it appeared as if it almost didn’t matter.

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