Only a minuscule 0.0005% of the $11 billion income tax collected in Colorado since 2022, totaling just over $57,000, has been paid using cryptocurrency. Despite the state's initiative to accept crypto for tax payments starting in September 2022, data from the Colorado Department of Revenue shows that only eight crypto payments were made in 2022, amounting to $16,426. This number increased to 22 payments totaling $23,241 in 2023, but dropped to $17,544 across 48 payments in 2024. Colorado taxpayers actually convert their crypto to U.S. dollars using PayPal Cryptocurrencies Hub before making payments. While some Americans own or use crypto, the preference for holding rather than spending tokens like Bitcoin is evident. Although other states like Utah and Louisiana accept crypto for taxes, the future of crypto tax payments remains uncertain, with some experts predicting stablecoins to dominate transactions in the long run. Read more AI-generated news on: https://app.chaingpt.org/news