Senator in Minnesota Jeremy Miller has introduced a new bill allowing the state to invest public funds in Bitcoin and other encryption assets. The proposed legislation, called the Bitcoin Law in Minnesota, represents a full change in Miller’s previous position on digital currencies.
From skepticism to the believer
in statement It was released on March 18, and the legislator said that when he conducted intensive research on the encrypted currency, he moved from “being very skeptical to learn more on this topic, to believing in bitcoin and other encrypted currencies”, “
Senator now wants to join Minnesota to an increasing number of states that explore cryptocurrencies. According to Bitcoin laws, 23 countries have already provided bills To create Bitcoin reserves.
Source: Bitcoin Laws
State investments and employee benefits
If it is approved, the draft law will give the Minnesota State Council the investment permission to put the state’s funds in Bitcoin and other encrypted currencies, and treats it like traditional investment assets.
State employees will also get the option to add encrypted currencies to their retirement accounts, giving them more control over long -term savings options.
Based on reports, Bitcoin showed a strong performance compared to regular investments. From August 2011 to January 2025, Bitcoin grew at an annual compound rate of more than 100 %, while S&P 500 grew only 14 % during the same period, according to Curvo data.
As of today, the market cap of cryptocurrencies stood at $2.69 trillion. Chart: TradingView
Tax payments and exemptions
In addition, citizens will be able to use Bitcoin to pay government taxes and fees under the minnesota bitcoin law. While Louisiana allows cryptocurrencies for government services, Colorado and Utah currently accepts tax payments.
Image: Gemini Imagen
Bitcoin and other coded currencies from state income taxes is another important element. For investors in Minnesota, this may lead to significant savings because, at the present time, local and local tax discount only allows discounts of up to $ 10,000.
Federal efforts are gaining momentum
Pressure is not limited to the dependence of the coded currency on state governments. Senator Cinemia Lomes is working on similar federal legislation.
Lummis first suggested the strategy Bitcoin reserve law In July. The federal government calls for a million bitcoin every year for a period of five years, a total of 200,000 Bitcoin.
The Miller bill comes at a time when bitcoin prices rise significantly. At the time of the study, Bitcoin was selling $ 83,350, which indicates that investors were still interested in it and relaxed, although its price was behaved strangely.
Distinctive image from Gemini Imagen, the tradingvief chart
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