Bitcoin has roared back into the spotlight this year after its 2022 crash ( although former president Donald Trump and president Joe Biden may be about to explode the market ).
Bitcoin prices have drifted lower this week, falling to $60,000 per bitcoin after peaking at $70,000 earlier this month, with fears of a “real correction” having begun to emerge .
Now, as Trump warns the US dollar could lose its status as the world's reserve currency , US representative Matt Gaetz, a Republican from Florida, has introduced what he describes as a “groundbreaking” bill that would allow federal income taxes to be paid in bitcoin. .
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"This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the United States remains at the forefront of technological advancement," Gaetz said in a statement , adding that this will "foster innovation, increase efficiency, and provide greater flexibility for U.S. citizens."
Gaetz's statement echoes comments made recently by former US president and 2024 White House hopeful Donald Trump, who has said he wants the US to lead bitcoin development.
“I will end Joe Biden's war on cryptocurrency,” Trump said at a recent rally in Wisconsin. “We will ensure that the future of crypto and the future of bitcoin is created in America.”
Trump has leaned toward bitcoin and cryptocurrency in recent weeks after making millions from a series of digital trading card non-fungible tokens (NFTs) based on the cryptocurrency and making him Completely disagree with the Biden administration on the anti-cryptocurrency issue. Trump declared his support for cryptocurrency in late May and began accepting campaign donations in bitcoin, ethereum, solana, dogecoin and shiba inu.
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In 2022, the state of Colorado began accepting cryptocurrency for taxes while Utah, New Jersey and Kentucky have also moved to accept bitcoin.
US lawmakers have made some progress with cryptocurrency bills this year after failing to find common ground on several bills over the past few years.
In May, the House of Representatives passed the Republican-led Financial Innovation and Technology for the 21st Century Act, known as Fit21, which places responsibility for the cryptocurrency market between the Committee Securities and Exchange Commission (SEC) and Commodity and Futures Trading Commission (CFTC), although it is not expected to become law this year.
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