- Representative Warren Davidson’s “The Bitcoin For America Act” proposes allowing taxpayers to pay their federal dues in BTC.
- The Treasury will use all BTC collected by the federal government to top up the USA’s Strategic Bitcoin Reserve.
- The congressman estimated that the country could achieve a net advantage of $11.1 trillion if it collected at least 1% of taxes in BTC over two decades, starting on November 19, 2025.
Congressman Warren Davidson, a Republican representative of Ohio’s 8th congressional district, has recently introduced a proposal that could solidify the United States of America’s position in the cryptocurrency market. On Thursday, he filed the legislation titled “The Bitcoin For America Act.”
Key Features of The Bitcoin For America Act
The legislation would allow taxpayers to settle their federal dues in BTC. It also aims to direct all payments made using the premier crypto asset to the US government’s Strategic Bitcoin Reserve. The new measure aligns with the BTC advocacy of President Donald Trump and Senator Cynthia Lummis.
According to Davidson, the legislation is a crucial step toward modernizing the USA’s financial system. In his statement, it leverages the “innovation that millions of Americans already use every day,” giving them more options in paying their taxes.
Additionally, the Republican politician noted that the nation will benefit from Bitcoin’s long-term price appreciation. Unlike the US dollar, he pointed out that BTC is not susceptible to the current monetary system’s inflationary pressures.
Moreover, Davidson emphasized that the Bitcoin For America Act aligns with the goal of making the US a leader in Bitcoin, thereby echoing Trump’s campaign promise to make America the “crypto capital of the planet.”
An $11.1 Trillion Advantage for the USA’s Strategic Bitcoin Reserve
Davidson’s proposal estimated that The Bitcoin For America Act could raise trillions of dollars. He claimed that if the government were to collect at least 1% of taxes in Bitcoin from November 19 this year to the same period in 2045, it could yield a net advantage of $11.1 trillion.
The congressman believes the proposed law could achieve such figures in two decades because of Bitcoin’s hard-locked 21 million supply, making it a deflationary asset with constantly appreciating value. It would allow the federal government to diversify its reserves as a hedge against long-term economic risks while introducing a way to significantly reduce its reliance on debt financing. Meanwhile, it lets more Americans, including the unbanked, to have a broader participation in the taxation regime.
Davidson warned that if the US Congress were to impede any measure to strengthen the nation’s position in the digital assets sector, especially in Bitcoin, Russia and China would leave it behind. He asserted that the two, and “other major nations,” are already aggressively accumulating the asset.
