Senator of State Minnesota, Jeremy Miller, introduced the Minnesota Bitcoin Act, which he developed after a complete change in the position in Bitcoin.
“Because I conduct more research on cryptocurrency and hear from an increasing number of voters, from being very skeptical to learning about it, faith in bitcoins and other cryptocurrencies,” Miller he said In a statement of March 18.
Miller said that the bill is aimed at “promoting prosperity” for minnesotans, enabling the Minnesota State Board of Investment for state investments assets in Bitcoin (BTC) and other cryptocurrencies, just like investing in classic assets.
Several other US states have introduced similar bitcoins bills, with 23 countries introduced provisions regarding the creation of the Bitcoin reserve, According to to Bitcoin regulations.
In 23 US states, 39 different bills related to state investments in Bitcoin were introduced. Source: Bitcoin rights
According to Miller’s account, Minnesota State employees would be able to add bitcoins and other cryptocurrencies to their pension accounts.
It would also give residents the option to pay taxes and bitcoin fees. Colorado and Utah are already accepting the crypto of tax payments, while Louisiana allows state services.
Investment profits from Bitcoin and other cryptocurrencies would also be exempt from state income taxes. In the United States, up to USD 10,000, you can deduct from federal taxes as part of a state and local tax deduction, but each amount has been made by both state and federal tax liabilities.
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The growing number of US states proposing bills for the Bitcoin reserve after the July Act on the Bitcoins reserve of Senator Cynthia Lummis, which manages the federal government by buying 200,000 bitcoins a year in five years, which is 1 million bitcoins.
However, on March 12, Lummis proposed the newly re -introduced Bitcoin Act, enabling the government to potentially maintain over 1 million Bitcoins within the newly established reserve.
Bitcoin has shown significant profits compared to classic assets in recent years. From August 2011 to January 2025, Bitcoin recorded a convoluted annual growth rate of 102.36%, compared to 14.83%S&P 500, According to to the curse of data.
The convoluted annual Bitcoin growth rate is much higher than the S&P 500s. Source: Curved
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