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- Technology investor to launch Bitcoin Pizza this weekend to commemorate Bitcoin Pizza Day
- The profits from the sale of pizzas will to a designated Human Rights fund for the development of cryptocurrency
- Bitcoin is already a legal tender and a commodity in the United States of America and is taxed like any other property.
A silicon Valley tech-geek and cryptocurrency influencer has launched its own pizza brand intending to raise funds to develop the cryptocurrency. Named Bitcoin Pizza will be delivered in many cities in the US starting May 23, 2021, which marks the 11th anniversary of the first commercial payment via cryptocurrency. Two Papa John’s pizzas were ordered for 10,000 BTC. Each slice will be priced according to the city it caters to but remarkably won’t accept Bitcoin as a mode of payment.
Promoting Bitcoin but not accepting it as a mode of payment.
Anthony Pompliano aims to raise funds for the Human Rights Foundations’ Bitcoin Development Fund. The influencer will celebrate Bitcoin Pizza Day by helping develop research and innovation in the crypto space. Several pizza chains have succumbed owing to the pandemic, as this initiative will ring in inspiration across the country.
Although the crash in BTC price is going against its initiative, the website will soon allow payments in BTC. Twitterati went berserk with Anthony’s video announcement but also received flak for the payment inefficiency. The Bitcoin bull also loves the blockchain network as it maintains a ledger of all the transactions that take place, and anyone with the proper equipment can access it.
Securities laws in the US allow such activities.
Issuing or mining Bitcoin is a legal activity in most States. Wyoming is currently the most Bitcoin-friendly state in the US as it plans the creation of a new bank. It will help users to store digital assets and will act in a custodial and fiduciary environment. However, crypto prices are messing up with the government’s plans as inflation is at an all-time high in the country.
It was in 2013 that the US Treasury announced that cryptocurrency could be used as a virtual currency. Furthermore, Bitcoin is classified as a commodity by the CFTC and taxed as a property under the laws that govern them. The pizzeria dream falls under the laws of the US government as the profits from pizzas will go towards a charitable cause. Soon, Bitcoin Pizza and co-founder Nick Sopchak will start a full-fledged restaurant and create awareness among users about cryptocurrency and Bitcoin.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
