The Week in Crypto: From Trump's AG Pick Suggesting Bitcoin for Taxes to Musk's Hedgehog Meme Coin 'SHRUB' Skyrocketing

The week was filled with noteworthy events in the world of cryptocurrencies. From the rise of new meme coins to ambitious price forecasts, the crypto market continues to surprise and intrigue. Here’s a quick recap of the top stories that made headlines.

President-elect Donald Trump’s nominee for attorney general, Rep. Matt Gaetz, has proposed a bill that would allow federal income tax payments to be made in Bitcoin.

The bill, H.R. 3931, was introduced in May and would amend the Internal Revenue Code of 1986 to allow taxpayers to elect to pay their federal income tax liability in Bitcoin.

The bill would also require the Secretary of the Treasury to establish a procedure for accepting Bitcoin payments and to set a daily exchange rate for Bitcoin to be used for the payments.

Gaetz, a Republican from Florida, said in a statement that the bill would "modernize our tax code and make it easier for Americans to pay their taxes."

"Bitcoin is a widely accepted and recognized currency, and it should be treated as such by the federal government," Gaetz said.

The bill has been referred to the House Ways and Means Committee.

If the bill were to pass, it would mark a significant step in the integration of cryptocurrencies into the mainstream financial system.

Bitcoin is currently the world's largest cryptocurrency by market capitalization, and it is accepted by a growing number of businesses and merchants.

However, Bitcoin is also known for its volatility, and its price has fluctuated wildly in recent years.

This volatility could make it difficult for the IRS to accept Bitcoin payments and to set a daily exchange rate for the payments.

Despite these challenges, Gaetz's bill could pave the way for wider acceptance of cryptocurrencies by the federal government.

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