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Summary: The Katz Law Firm, located in Metro Detroit, will begin accepting Bitcoin for payment in December.
The Katz Law Firm, located in Metro Detroit, will begin accepting Bitcoin for payment in December, according to mlive.com.
The manager of the Birmingham law firm, Donald Katz, said that the firm has a handful of clients who have asked to pay using Bitcoin.
"It's strictly a business venture," he said.
Bitcoin is the most popular digital currency on the market today and it allows users to store and transfer money easily. Users do not need to have physical cash or a bank to use it.
The Katz Law Firm said it will not accept Bitcoin for retainer fees due to its volatility.
"It's like they pay you in property, not currency," said Katz. "You base it on the market value on the day of receipt and then when you go and spend it, it again, it's either a capital gain or a capital loss."
Should the price drop, the law firm will be able to write it off as a loss. If it increases, the law firm must pay capital gains tax on it.
The law firm is partnering with Circle Internet Financial to help it deal with the brokerage functions of using Bitcoin for payments submitted by clients.
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