Rep. Matt Gaetz Proposes Bill to Allow Bitcoin for Federal Tax Payments

The legislation aims to modernize the tax system, drawing inspiration from El Salvador's Bitcoin adoption.

The bill would amend the Internal Revenue Code to accept Bitcoin for federal income taxes.
Gaetz's proposal includes provisions for immediate conversion of Bitcoin to dollars upon payment.
The legislation seeks to promote innovation and efficiency in the U.S. financial system.
Former President Trump supports the move, contrasting with the Biden administration's stance on crypto.
The bill reflects growing Republican interest in integrating cryptocurrency into government finance.