WASHINGTON—A new bill introduced in the House of Representatives would allow Americans to use Bitcoin to pay federal taxes and would direct those payments into the Strategic Bitcoin Reserve.
The Bitcoin for America Act (H.R. 6180) was introduced by Rep. Warren Davidson (R-OH) and referred to the Ways and Means Committee and the Financial Services Committee, according to Congress.gov.
Davidson said in a press release that allowing Americans to use Bitcoin to pay taxes would enable more Americans, including those who are unbanked, to pay taxes.
Nation Will ‘Benefit’
According to Davidson, directing those Bitcoin payments to the Strategic Bitcoin Reserve would diversify U.S. assets, create an independent store of value, ensure the U.S. doesn’t fall behind other nations in global financial competition, and guard against dollar erosion and long-term economic risk.
“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 in value over time — unlike the U.S. dollar, which has steadily lost value under inflationary pressures,” Davidson said in a statement. “This bill will give the American people more choice in paying their taxes as well as give our government a stronger financial foundation. The Bitcoin for America Act will position our country to lead — not follow — as the world navigates the future of sound money and digital innovation.”
Reserve Created
In March of this year, President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve, saying it would enable the nation to manage digital assets as it would any other resource.
While its price has stabilized recently, the price of Bitcoin has been on a downward trajectory, falling below $84,000 and having its worst month since 2022. Bitcoin is down 33% from its all-time above $126,000 and, all told, more than $1 trillion in value has been erased from the crypto market in recent weeks.
