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Gaetz unveils bill allowing bitcoin tax payments
(thehill.com)
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this post was submitted on 04 Jul 2024
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That's beside the point, because you don't pay taxes in denominations of "loaves of bread", you pay them in US dollars. If you pay with an asset that is wont to change its value in US dollars on a whim, that's a gamble for the government. There's a reason people don't regularly pay taxes with stock options.
My point is that the US dollar fluctuates in value as well. It loses purchasing power, by design, because it's an inflationary currency. Which means it loses value over time. BTC might go up, it might go down, but it's not literally designed to lose value. 2-3% per year is Fed policy goal in "good years", our recent inflation has been bad because it's beyond that.
The US govt can swap BTC for USD or other currencies instantly if they want to.
The US dollar is never worth less nor more than than 1 US Dollar. If you owe a debt in USD, the size of that debt does not change based on the purchasing power of the dollar.
Yes but that dollar buys less stuff. And that 1 dollar represents 1/total supply, and total supply increases. It's literally worth less even if it is still "one dollar".
Yes, but your debt was also worth less.
Yes agreed