Minnesota State Senator Jeremy Miller has recommend a latest bill that may allow the state to take a position public funds in Bitcoin and other crypto assets. The proposed laws, called the Minnesota Bitcoin Act, represents a whole change in Miller’s previous stance on digital currencies.
From Crypto Skeptic To Believer
In a statement released March 18, the lawmaker said that as he did an intensive research on cryptocurrency, he has gone from “being highly skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies,”
The senator now wants Minnesota to hitch a growing variety of states exploring cryptocurrency investments. In line with Bitcoin Laws, 23 states have already introduced bills to create Bitcoin reserves.
Source: Bitcoin Laws
State Investments And Worker Advantages
If passed, the bill would give the Minnesota State Board of Investment permission to place state money into Bitcoin and other cryptocurrencies, treating them like traditional investment assets.
State employees would also gain the choice so as to add cryptocurrencies to their retirement accounts, giving them more control over their long-term savings options.
Based on reports, Bitcoin has shown strong performance in comparison with regular investments. From August 2011 to January 2025, Bitcoin grew at a compound annual rate of over 100%, while the S&P 500 grew at just 14% through the same period, in line with Curvo data.
As of today, the market cap of cryptocurrencies stood at $2.69 trillion. Chart: TradingView
Tax Payments And Exemptions
Moreover, residents would have the opportunity to make use of Bitcoin to pay state taxes and costs under the Minnesota Bitcoin Act. While Louisiana permits cryptocurrencies for governmental services, Colorado and Utah currently accept it for tax payments.
Image: Gemini Imagen
The bill’s exemption of investment gains from Bitcoin and other cryptocurrencies from state income taxes is one other essential component. For investors in Minnesota, this might lead to substantial savings because, in the intervening time, the state and native tax deduction only allows cuts of as much as $10,000.
Federal Efforts Gain Momentum
The push for cryptocurrency adoption isn’t limited to state governments. Senator Cynthia Lummis has been working on comparable federal laws.
Lummis first proposed the Strategic Bitcoin Reserve Act in July. It calls for the federal government to purchase 1 million Bitcoin every yr for five years, for a complete of 200,000 Bitcoin.
Miller’s bill comes at a time when Bitcoin prices are going up significantly. On the time of the study, Bitcoin was selling at $83,350, which shows that investors are still excited about and cozy with it, although its price has been acting strangely currently.
Featured image from Gemini Imagen, chart from TradingView
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