Dan on Nostr: Matt Gaetz is sponsoring a bill to make income tax payable in bitcoin. This is a ...
Matt Gaetz is sponsoring a bill to make income tax payable in bitcoin. This is a genius chess move for the country and for bitcoin.
If a bill of any kind is payable in bitcoin, that makes it legal tender. If it's legal tender, then one would not have to convert to dollars first to pay a bill. If one did not have to convert to dollars first, then NO CAPITAL gains tax would be generated.
This alone adds a 20% value premium to BTC.
The proposed law by Gaetz Has far bigger world wide geopolitical ramifications. If Bitcoin IS made legal tender, it changes the earth from an inflationary, debt based system that hurts the poor, to an equity based system where prices always drop for everyone with increased technological innovation. Bread will slowly go from $5, back down to 50cents over many years as an example.
If a bill of any kind is payable in bitcoin, that makes it legal tender. If it's legal tender, then one would not have to convert to dollars first to pay a bill. If one did not have to convert to dollars first, then NO CAPITAL gains tax would be generated.
This alone adds a 20% value premium to BTC.
The proposed law by Gaetz Has far bigger world wide geopolitical ramifications. If Bitcoin IS made legal tender, it changes the earth from an inflationary, debt based system that hurts the poor, to an equity based system where prices always drop for everyone with increased technological innovation. Bread will slowly go from $5, back down to 50cents over many years as an example.