Donald Trump announced his approval of cryptocurrency at an event for his NFT holders in Mar-a-Lago last month.
Florida Representative Matt Gaetz went one step further than just voicing his support for cryptocurrency.
And this bill turned Matt Gaetz into the Bitcoin community’s hero and the Federal Reserve’s top enemy.
The elites have always dreamed of establishing a global financial system where central bank digital currencies are used by every government on the planet.
But the rise of cryptocurrency is one way humanity is fighting back against the move toward centralization of the financial industry.
Unlike a Central Bank Digital Currency (CDBC), which is centralized, cryptocurrencies like Bitcoin are decentralized and no single entity has control over its circulation.
With more and more Americans using cryptocurrency, some state governments have already started accepting it as a form of payment.
Colorado, Utah, New Jersey, and Kentucky allow residents to pay their taxes with cryptocurrency.
But Florida Representative Matt Gaetz wants every American to be able to pay their income taxes with the cryptocurrency Bitcoin.
Gaetz recently introduced a bill that would allow Americans to pay their federal income tax in Bitcoin.
The idea came to Gaetz after he attended the inauguration of El Salvador’s President, Nayib Bukele.
According to a release from Gaetz’s office, “While there, Rep. Gaetz witnessed how Bitcoin, the world’s most popular decentralized digital currency, has helped promote financial stability and job creation in Central America after El Salvador became the first country to adopt Bitcoin as a legal tender in 2021.”
Gaetz explained the benefits of his legislation.
“My groundbreaking legislation will modernize our tax system by allowing federal income tax to be paid with Bitcoin,” Gaetz said. “By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens,” he continued. “This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement.”
Gaetz’s Governor, Ron DeSantis, talked about how businesses in Florida should be able to pay taxes with cryptocurrency back in 2022.
“I’ve told the state agencies to figure out ways, where if a business wants to pay tax in cryptocurrency to Florida, we should be willing to accept that,” he said.
Former President Donald Trump appeared skeptical of Bitcoin until recently when he announced his support for cryptocurrencies.
“I will end Joe Biden’s war on crypto,” Trump said at a recent rally in Wisconsin. “We will ensure that the future of crypto and the future of Bitcoin will be made in America.”
