The City of Detroits announcement doesnt specify which cryptocurrencies will be accepted.
PayPal says it currently supportsPayPal USD, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Payments made in crypto will be immediately converted to USD.
The City of Detroit will allow residents to pay their taxes with crypto.benedek / Getty
Detroit is not HODLing.
Other organizations have tried to piggyback on crypto hype over the years to garner attention.
During the memestock craze, AMCbegan accepting Bitcoinas a form of payment for movie tickets.
Again, its a bad idea to spend your Bitcoin this way.
If youll recall, back in 2010 a man in Florida paid 10,000 Bitcoin for two Papa Johns pizzas.
The largest stablecoin, Tether, has over $122 billion in assets under management.
Stablecoins also make it easy to swap between digital and fiat currencies.
Certainly, they arent wrong that the banking system is in need of modernization.
But it still feels like were a long way off from a crypto take over.
This new announcement from Detroit probably wont move the needle on that much.
News from the future, delivered to your present.
Justice Department Says It Will Pull Back on Prosecuting Crypto Fraud
What could go wrong?
