Ohio Allowing Tax Payments in Bitcoin
The state of Ohio announced in November that they would allow businesses to pay taxes with bitcoin, becoming the first state in America to do so. Some crypto enthusiasts were elated, viewing the announcement as one of the first true adoptions of cryptocurrency by the government in the United States, where lawmakers have gravitated to its underlying blockchain technology rather than virtual currencies themselves.
State treasurer Josh Mandel led the initiative, part of a rebranding effort to paint Ohio as a hub for tech and blockchain in the Midwest. “We are proud to make Ohio the first state in the nation to accept tax payments via cryptocurrency,” said Mandel in a statement. “We’re doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio’s leadership in embracing blockchain technology.”
Any business in Ohio can register at OhioCrypto.com, the state government’s official website for the effort, to pay any of “23 taxes eligible for payment” with bitcoin. The site touts the security, low fees, mobile payment options, and transparency offered by bitcoin and blockchain. Transparency in government seems to be a tentpole for Mandel – he helped launch OhioCheckbook.com in 2014, which “put all state spending information on the internet…[earning] Ohio the #1 ranking in the country for government transparency,” according to OhioCrypto.com.
Skeptics remain, however. The website clarifies that “at no point, will the Treasurer’s office hold cryptocurrency” – every payment made through the site will go through “third-party cryptocurrency payment processor partner BitPay…[where it is] immediately converted to USD before being deposited into a state account.” To hardcore crypto supporters, that’s not true adoption, says Matthew Da Silva via Quartz’s Private Key crypto newsletter, citing comments from a cryptocurrency subreddit. The announcement has also “raised questions, like whether selling bitcoin to pay taxes is a taxable event” – current guidelines point towards ‘yes.’
The move remains significant as the first of its kind, regardless of its standing among cryptocurrency’s most vehement adopters. Forbes contributor Kelly Phillips Erb notes that previous bitcoin-as-tax-payment initiatives were voted down in New Hampshire and Utah; “a bill to accept crypto for payments in Georgia” also failed. And the IRS “has authorized payment by check, money order, credit card, and debit card—but not by Bitcoin or other cryptocurrency.” But Ohio and Arizona, where a recent virtual currency payment measure was passed by the state legislature before being vetoed, show an increased acceptance of cryptocurrency itself at a government level. Mainstream adoption remains a work in progress, but digital currencies are no longer an unknown quantity.
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BTC.X's RSI Indicator peaks and leaves overbought zone
The 10-day RSI Oscillator for BTC.X moved out of overbought territory on May 23, 2025. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 54 instances where the indicator moved out of the overbought zone. In of the 54 cases the stock moved lower in the days that followed. This puts the odds of a move down at .
Technical Analysis (Indicators)
Bearish Trend Analysis
The Stochastic Oscillator has been in the overbought zone for 2 days. Expect a price pull-back in the near future.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
BTC.X broke above its upper Bollinger Band on June 09, 2025. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for BTC.X entered a downward trend on June 11, 2025. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on June 08, 2025. You may want to consider a long position or call options on BTC.X as a result. In of 142 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for BTC.X just turned positive on June 10, 2025. Looking at past instances where BTC.X's MACD turned positive, the stock continued to rise in of 61 cases over the following month. The odds of a continued upward trend are .
The 50-day moving average for BTC.X moved above the 200-day moving average on May 22, 2025. This could be a long-term bullish signal for the stock as the stock shifts to an upward trend.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 437 cases, the price rose further within the following month. The odds of a continued upward trend are .
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The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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