Ethereum
Ethereum for taxes? Dogecoin creator says yes
Gamza Khanzadaev
Dogecoin co-creator supports paying taxes on Ethereum as new federal tax bill emerges
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Florida Republican Matt Gaetz introduced a bill Tuesday to allow federal income taxes to be paid using Bitcoin (BTC). The proposed legislation requires the U.S. Treasury Secretary to establish a program that makes it easier to pay taxes in BTC. For now, only Colorado allows the use of cryptocurrency to pay taxes.
The announcement did not go unnoticed in the crypto community. Billy Markus, co-creator of Dogecoin and known as Shibetoshi Nakamoto, expressed his support for the idea, stating his preference to pay his taxes with Ethereum (ETH) instead of converting it into cash. This view highlights a growing demand for the integration of digital currencies into standard financial transactions.
Gaetz’s proposal comes as cryptocurrencies gain increasing acceptance. If passed, this bill would represent a significant change in tax payment methods, matching the interests of crypto enthusiasts who prefer to use digital assets directly.
Win-win?
Pay taxes with Bitcoin Or Ethereum could help taxpayers avoid the complications and potential losses associated with converting crypto to fiat currency at volatile market rates. From another perspective, this option may offer a simpler method for managing tax obligations to the government regarding digital assets.
The progress of this bill will be closely watched by cryptocurrency enthusiasts on one side and policymakers on the other, marking a potential step toward wider acceptance and use of digital currencies in one of the largest financial systems.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.