The post Congressman Warren Davidson Introduces the ‘Bitcoin for America’ Act appeared on BitcoinEthereumNews.com. A US lawmaker introduced a bill in the House of Representatives on Thursday that would allow Americans to pay their federal taxes in Bitcoin, which would then be funneled into the US strategic Bitcoin reserve. Under the Bitcoin for America Act proposed by Representative Warren Davidson, a Republican from Ohio, BTC (BTC) transferred to the US government for tax payments would not be subject to capital gains taxes and not be recorded as a loss or gain for the taxpayer. In a press release, Davidson said: “By allowing taxpayers to pay federal taxes in Bitcoin and having the proceeds placed into the Strategic Bitcoin Reserve, the nation will benefit by having a tangible asset that appreciates over time, unlike the US dollar, which has steadily lost value under inflationary pressures.” The first page of the Bitcoin for America Act. Source: Warren Davidson The proposal would allow the US government to grow a strategic BTC reserve without having to purchase Bitcoin on the open market, minimizing the positive impact on BTC’s price that active purchases would have. A projection of the US government’s tax revenue if 1% of taxes are collected in BTC over 20 years. Source: Bitcoin Policy Institute Related: New Hampshire approves first-of-its-kind $100M Bitcoin-backed municipal bond US strategic Bitcoin reserve not what Bitcoiners expected Although US President Donald Trump signed an executive order establishing a strategic BTC reserve in March, the order did not stipulate recurring BTC buys and required that all future additions to the reserve would be financed through budget-neutral strategies. The main provision in the executive order was that the US government would not sell any of the BTC it acquired through asset seizure and forfeiture. The price of BTC fell by 6% immediately after the order was signed, reflecting the disappointment among Bitcoiners, who… The post Congressman Warren Davidson Introduces the ‘Bitcoin for America’ Act appeared on BitcoinEthereumNews.com. A US lawmaker introduced a bill in the House of Representatives on Thursday that would allow Americans to pay their federal taxes in Bitcoin, which would then be funneled into the US strategic Bitcoin reserve. Under the Bitcoin for America Act proposed by Representative Warren Davidson, a Republican from Ohio, BTC (BTC) transferred to the US government for tax payments would not be subject to capital gains taxes and not be recorded as a loss or gain for the taxpayer. In a press release, Davidson said: “By allowing taxpayers to pay federal taxes in Bitcoin and having the proceeds placed into the Strategic Bitcoin Reserve, the nation will benefit by having a tangible asset that appreciates over time, unlike the US dollar, which has steadily lost value under inflationary pressures.” The first page of the Bitcoin for America Act. Source: Warren Davidson The proposal would allow the US government to grow a strategic BTC reserve without having to purchase Bitcoin on the open market, minimizing the positive impact on BTC’s price that active purchases would have. A projection of the US government’s tax revenue if 1% of taxes are collected in BTC over 20 years. Source: Bitcoin Policy Institute Related: New Hampshire approves first-of-its-kind $100M Bitcoin-backed municipal bond US strategic Bitcoin reserve not what Bitcoiners expected Although US President Donald Trump signed an executive order establishing a strategic BTC reserve in March, the order did not stipulate recurring BTC buys and required that all future additions to the reserve would be financed through budget-neutral strategies. The main provision in the executive order was that the US government would not sell any of the BTC it acquired through asset seizure and forfeiture. The price of BTC fell by 6% immediately after the order was signed, reflecting the disappointment among Bitcoiners, who…