U.S. Congressman Matt Gaetz has introduced a bill that would require the U.S. Treasury to accept tax payments in Bitcoin. This marks a significant step towards recognizing Bitcoin as a form of legal tender at a national level. The bill also suggests that all Bitcoin payments should be immediately converted into U.S. dollars. Gaetz believes that enabling Bitcoin tax payments would promote innovation and increase payment efficiency for American citizens.

The legislation comes after Gaetz's visit to El Salvador, where Bitcoin was made legal tender in 2021. Inspired by El Salvador's vision for digital currency, Gaetz sees potential for Bitcoin to promote financial stability and job creation.

As the U.S. Presidential elections approach, candidates are increasingly focusing on crypto policies. While some promise to end the perceived "war on crypto", others have opened their campaigns to crypto donations. This bill represents a significant move towards mainstream acceptance of cryptocurrencies in the U.S. financial system.