Bitcoin

Rep. Matt Gaetz Introduces Bill to Allow Federal Tax Payments in Bitcoin

Published

7 months ago

25 June, 2024

Rep. Matt Gaetz Introduces Bill to Allow Federal Tax Payments in Bitcoin

In a move that could impact the intersection between cryptocurrency and government finance, US Representative Matt Gaetz has introduced a bill that would allow Americans to pay their federal income taxes using Bitcoin.

O proposed The legislation, introduced in the House of Representatives, seeks to amend the 1986 Internal Revenue Code to accommodate this new payment method.

The bill, if passed, would require the Secretary of the Treasury to develop and implement a system to accept Bitcoin as payment for individual federal taxes.

Decrypt reached out to Gaetz for comment but did not immediately receive a response.

This system would need to address several important aspects, including specifying when Bitcoin payments are considered received and requiring immediate conversion of Bitcoin to its dollar equivalent upon completion of the transaction.

Rep. Gaetz’s proposal also includes provisions for the Internal Revenue Service (IRS) to enter into service contracts related to receiving payments in Bitcoin. The bill stipulates that rules similar to those governing credit card payments would apply to fees associated with these services.

It is important to highlight that the legislation addresses issues of responsibility and confidentiality, applying rules similar to those currently in force for other payment methods. This approach aims to ensure that the introduction of Bitcoin as a payment option does not compromise existing taxpayer protections.

On a Press releaseRep. Gaetz said the measure is designed to encourage innovation and efficiency while giving American taxpayers more ways to meet their obligations.

“This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring the U.S. remains at the forefront of technological advancement,” he said.

The timing of this bill is noteworthy, coming on the heels of Rep. Gaetz’s recent trip to El Salvador for President Nayib Bukele’s second inauguration. El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender – a move that has since sparked global discussions about the role of cryptocurrency in national economies.

This legislative proposal aligns with a growing interest in cryptocurrency in certain political circles. Former President Donald Trump, of whom Republican Rep. Gaetz is a known ally, recently began accepting crypto donations for your campaign.

At a recent rally, Trump declared his intention to “end President Joe Biden’s war on crypto” and ensure that “the future of crypto and the future of Bitcoin will be made in America.”

While Democrats have historically been less friendly toward cryptocurrency, President Biden is reportedly softening on the issue as it becomes an emerging issue in an election year. Biden officials reportedly participate in a roundtable on Bitcoin in Washington DC, and the administration also rehired a crypto consultant which criticized the Securities and Exchange Commission (SEC).

The introduction of this bill represents a potentially significant step in the widespread adoption of cryptocurrency in the United States.

If passed, it would mark a major shift in how the federal government interacts with digital currencies, potentially paving the way for broader acceptance and integration of Bitcoin and other cryptocurrencies into official financial transactions.

Edited by Andrew Hayward

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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