Minnesota state Senator Jeremy Miller has announced the Minnesota Bitcoin Act, reflecting his shift from skepticism to support for Bitcoin and cryptocurrencies. The proposed bill aims to boost prosperity in Minnesota by allowing the state’s investment board to include Bitcoin and other cryptocurrencies in its portfolio, similar to traditional assets. Additionally, state employees could invest in cryptocurrencies for their retirement accounts, and residents might have the option to pay state taxes with Bitcoin. Investment gains from these digital assets would be exempt from state income taxes. This move aligns with trends in other US states exploring Bitcoin reserves, emphasizing the growing acceptance of cryptocurrencies across the country.
Minnesota State Senator Jeremy Miller has taken a bold step by introducing the Minnesota Bitcoin Act, marking a significant shift in his views on cryptocurrency. Initially skeptical, Miller credits his evolving stance to extensive research and the feedback he received from his constituents. In a statement released on March 18, he expressed his newfound confidence in Bitcoin and other cryptocurrencies, stating, “As I do more research on cryptocurrency and hear from more and more constituents, I’ve gone from being highly skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies.”
The Minnesota Bitcoin Act aims to strengthen the state’s economy by allowing the Minnesota State Board of Investment to invest state assets in Bitcoin (BTC) and other cryptocurrencies, much like it currently does with traditional assets. This initiative aligns Minnesota with a growing trend as 23 other states have introduced similar legislation to establish Bitcoin reserves.
Here are some key points about the proposed act:
- Retirement Accounts: Minnesota state employees would be able to include Bitcoin and other cryptocurrencies in their retirement savings.
- Tax Payments: The act would allow residents to pay their state taxes and fees using Bitcoin, following the lead of states like Colorado and Utah.
- Investment Gains: Earnings from Bitcoin and other cryptocurrencies would be exempt from state income taxes, promoting further adoption among residents.
Miller’s proposal comes at a time when Bitcoin’s value has surpassed traditional assets regarding growth rates. According to data from Curvo, Bitcoin has recorded a remarkable compound annual growth rate of 102.36% from August 2011 to January 2025, far outpacing the S&P 500’s 14.83% during the same period.
In addition to Miller’s efforts, U.S. Senator Cynthia Lummis has also been advocating for similar legislative measures regarding Bitcoin reserves at the federal level. The growing interest in cryptocurrency among lawmakers reflects a broader acceptance and recognition of its potential benefits.
With the Minnesota Bitcoin Act, the state is positioning itself to be a leader in cryptocurrency adoption, paving the way for financial innovation and new opportunities for its residents.
Tags: Minnesota Bitcoin Act, cryptocurrency investments, Bitcoin legislation, Jeremy Miller, state tax payments, financial innovation.
FAQ about the Minnesota Bitcoin Act
What is the Minnesota Bitcoin Act?
The Minnesota Bitcoin Act is a proposal by a senator to recognize Bitcoin and other cryptocurrencies more officially in the state’s laws. This move aims to provide clearer regulation and promote the use of digital currencies.
Why did the senator change from being a skeptic to a believer in Bitcoin?
The senator realized how Bitcoin could offer people more freedom and security in their finances. He saw the potential for innovation and growth in the cryptocurrency space, prompting him to support more positive policies.
How will the Bitcoin Act benefit residents of Minnesota?
The Bitcoin Act could help people and businesses understand how to use Bitcoin legally. It may also attract new businesses to Minnesota, boosting the local economy and creating more jobs in the tech sector.
Are there any risks associated with cryptocurrencies?
Yes, there are risks. Cryptocurrencies can be very volatile, meaning their value can change quickly. There are also concerns about scams and fraud. The Bitcoin Act hopes to address some of these risks by establishing clear regulations.
How can people learn more about Bitcoin and the proposed act?
People can visit the senator’s official website or follow local news for updates. Joining community groups or attending informational sessions can also help everyone stay informed about Bitcoin and the changes it may bring.
