Back in November, the mayor of my city agreed to accept his next paycheck in crypto.

Mayor Francis Suarez did this as part of his plan to make Miami the most crypto-friendly city in the U.S.

His tweet announcing this move caught the attention of the then mayor-elect of New York City.

Mayor Eric Adams promised to accept his first three paychecks in crypto.

A few weeks back he kept that promise and took his first payment in bitcoin.

The one obstacle for these two mayors is that city governments aren’t set up to pay directly in crypto.

So, they have to rely on middlemen to turn their checks into crypto.

That’s where the mayor of Jackson, Tennessee comes in.

He’s getting his city to explore crypto payroll conversions for all city employees.

These moves show the growing acceptance of crypto in government.

And now crypto is continuing this momentum by entering another area — taxes.

Colorado Aims to Be the Most Crypto-Friendly State

Big-name cities like Miami and New York City steal the spotlight when it comes to crypto moves.

But they aren’t the first to make the push to transform themselves into a hub for crypto.

The state of Colorado started its efforts toward crypto acceptance back in 2019.

It set up a Blockchain Council to explore blockchain solutions in government.

This led to Governor Jared Polis saying last week that Colorado is the center of the crypto economy.

He was referring to the fact that the state will accept taxes in crypto starting this summer.

Polis came up with this proposal last May to make Colorado more convenient for crypto companies.

The state will take the taxes in crypto and then exchange it for dollars.

The governor said they’re currently looking for a crypto brokerage to help with this.

Get Your Tax Refund in Crypto

Partnerships with crypto brokerages can be useful when it comes to crypto and taxes.

They allow companies and governments to support cryptos without taking on their volatile prices.

This is exactly what TurboTax is doing this tax season in its partnership with Coinbase.

TurboTax will give you the option to either add or create a Coinbase account when you do your taxes.

And when you receive your federal or state tax refund, it’ll go straight to your Coinbase account.

From there you can buy the cryptos of your choice.

This is a timely development, considering that the government recently updated the tax code to include cryptos.

It now defines cash as “any digital representation of value.”

These moves are just the beginning. And we can expect to see more like it as crypto acceptance grows.

To catch up with the latest developments in crypto, you can watch Ian King’s special presentation.



Andrew Prince

Research Analyst, Strategic Fortunes

Morning Movers

From open till noon Eastern time.

Tenneco Inc. (NYSE: TEN) designs and manufactures clean air, powertrain and ride performance-related auto parts. The stock jumped an incredible 93% after Apollo Global Management said it would pay $7.1 billion to take the company private.


The Beauty Health Co. (Nasdaq: SKIN) designs and develops aesthetic technologies and products worldwide. It is up 38% after the company reported great results for the fourth quarter despite COVID-19 and supply chain-related challenges.


Hims & Hers Health Inc. (NYSE: HIMS) offers a range of health and wellness products and services available for purchase on its websites directly by customers. The stock rose 23% after the company reported results for the fourth quarter and issued a strong outlook for revenues in 2022.


Renewable Energy Group Inc. (Nasdaq: REGI) produces green diesel, biofuels and other low-carbon transportation fuels. The stock is up 22% after the company reported that it is considering several strategic options including selling itself.


Audacy Inc. (NYSE: AUD) is a multiplatform audio content and entertainment company that engages in the radio broadcasting business. It is up 21% after beating both revenue and earnings estimates for the fourth quarter thanks to the growth in the digital and spot radio segments of the business. Inc. (Nasdaq: OSTK) is an online retailer of home furnishing products. It is up 20% after the company reported strong results for the fourth quarter and announced that its crypto trading platform subsidiary, tZERO, reached a key milestone.


Sierra Wireless Inc. (Nasdaq: SWIR) provides device-to-cloud Internet of Things (IoT) solutions. The stock is up 18% after the company beat estimates for the fourth quarter despite supply chain challenges due to strong demand for its solutions.


LL Flooring Holdings Inc. (NYSE: LL) is a specialty retailer of hard-surface flooring and hard-surface flooring enhancements and accessories. The stock is up 15% despite a disappointing fourth-quarter report because the company announced that it is adding to its stock repurchase program.


TAL Education Group (NYSE: TAL) provides K-12 after-school tutoring services in China. The stock is up 14% on a rebound after falling Tuesday along with other Chinese education tech companies when they reported fourth-quarter and full-year results showing the impact of regulatory crackdowns on the industry.


Tactile Systems Technology Inc. (Nasdaq: TCMD) is a medical technology company that engages in the development of medical devices for chronic diseases. The stock rose 14% after delivering better-than-expected results for the fourth quarter thanks to strong sales of the company’s Flexitouch Plus systems.