Minnesota State Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, whom he has drafted after his stance in Bitcoin has completely changed.
“As I do more cryptocurrency research and hear from more and more constituents, I have lost from being completely skeptical of studying more about it, to belief in bitcoin and other cryptocurrencies,” Miller Says In a statement on March 18.
Miller said the bill aims to “promote development” for Minnesotans by allowing the Minnesota State Board of Investment to invest state assets in Bitcoin (Btc) and other cryptocurrencies, such as its investment in traditional properties.
Many other United States states have introduced similar Bitcoin bill-buying, with 23 states that introduced the law to create a Bitcoin reserve, According to in the laws of bitcoin.
A total of 39 different bills related to State investments in Bitcoin have been introduced throughout 23 US states. Source: Bitcoin Laws
Under the bill of Miller, Minnesota state employees can add Bitcoin and other cryptocurrencies to their retirement accounts.
It will also provide the option of residents to pay state taxes and Bitcoin fees. Colorado and Utah already Accept crypto for tax payments, as Louisiana allows it for state services.
Those investment from Bitcoin and other cryptocurrencies will also be exempted from state income taxes. In the US, up to $ 10,000 paid to the state can be deducted from federal taxes under state and local tax cuts, but any amount beyond subject to both state and Federal Tax Obligations.
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The increasing number of US states suggesting Bitcoin Reserve bills follows Senator Cynthia Lummis’ July Strategic Bitcoin Reserve Act, directing the Federal Government to buy 200,000 Bitcoin annually for five years, covering 1 million bitcoin.
However, on March 12, Lummis suggested a New Reintroduced Bitcoin Actallowing the government to potentially hold more than 1 million bitcoin as part of the newly established reserve.
Bitcoin has shown significant acquisitions compared to traditional ownership in recent years. From August 2011 to January 2025, Bitcoin posted an annual growth rate of 102.36%, compared to 14.83%of S&P 500, According to to curvo data.
The compound annual Bitcoin growth rate is higher than the S&P 500s. Source: Currently
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