Bitcoin for America Act: Pay US Taxes for BTC and Fund Reserve
Di Bitcoin for America Act, wey Rep. Warren Davidson don put am for front again, go allow US taxpayers pay im federal income, estate, gift, and excise taxes wit Bitcoin (BTC). For di bill, di IRS go turn BTC payment sabi sabi into 20-year Treasury securities for new Strategic Bitcoin Reserve, no capital gains or losses go show. Di Treasury go manage di reserve wit strong safely waka like cold storage and plenty places make e secure, di goal na to protect against fiat money lose value, make US balance sheet strong and reduce how much debt di government dey owe. Some Senate bill wey relate to am plus strong industry support show say digital assets dey gain regulatory acceptance. But e still no sure whether dem go pass am because e get issues like how e go work, price dey change quick quick and compliance cost. If dem pass am, Bitcoin for America Act fit make BTC beta for small and big investors plus e fit make market go up well well like as e happen before for crypto tax reform rallies.
Bullish
Di Bitcoin for America Act fit heighten demand for BTC as taxpayers and di Treasury go dey change BTC convert go long-term Treasuries, wey go add institutional flows enter market. For short-term, gobe for bill progress dey fit make price rally, as e happen for 2019 and 2021. For long-term, if dem make Bitcoin federal tax payment option and reserve asset, e go help adoption and reduce di regulatory wahala wey people dey fear, e go support better price growth. But, challenges for how to run am and worries about price strong up and down fit cause some short time corrections. Overall, market matter dey favour better viewing for BTC.