Gold Coast Mayor Tom Tate has suggested that rates could be paid with cryptocurrency in future years, despite the market crashing by $2 trillion — more than half of its total value — over the past six months.
A rates increase of about 4 per cent is expected for Gold Coast residents this year
The mayor says using cryptocurrency would send an innovative "signal" to younger ratepayers, but an academic says more research is needed
As the council prepares to hand down its annual budget on June 14, Gold Coast residents can expect to see a rates rise of at least 4 per cent — the highest increase in 10 years.
But Mr Tate has also announced that council will seek to hire a chief investment officer from the private sector to encourage "innovation" and investigate "joint ventures" on council-owned land.
"Why can't we pay rates on cryptocurrency if the risk is not high?" he said.
"It sends a signal that we're innovative and bring in the younger generation ... [but] I'm not saying we're doing...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...