The Senator in Minnesota Jeremy Miller submitted the law of Minnesota Bitcoin, who drafted him after completely changing his position on Bitcoin.
“While I do more research about the cryptocurrency and I hear more and more ingredients, I have moved from being very skeptical to learn more on this topic, to believing in bitcoin and other cryptocurrencies,” He said In March 18 statement.
Miller said that the draft law aims to “strengthen prosperity” by Minnesotans by allowing the Investment Council in Minnesota to invest the state’s assets in Bitcoin (BTC) and other cryptocurrencies, just as it invests in traditional assets.
Many other US states have introduced bitcoin purchase laws, as 23 states have submitted legislation to create Bitcoin reserves, According to Bitcoin laws.
A total of 39 different bills related to the state’s investments in Bitcoin were provided in 23 US states. source: Bitcoin laws
Under the Miller bill, Minnesota state employees will be able to add Bitcoin and other encrypted currencies to their retirement accounts.
It also gives residents the option to pay state taxes and fees with Bitcoin. Colorado and Utah has already accepted the encryption for tax payments, while Louisiana allows her to state services.
Investment gains from Bitcoin and other cryptocurrencies will also be exempt from state income taxes. In the United States, up to 10,000 dollars in the state can be deducted from federal taxes under the state and local tax deduction, but any amount exceeds this is subject to both federal and state tax obligations.
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The increasing number of the United States, which proposes bitcoin bills, follows the Senatore Senate Lumis Strategic Bitcoin Reserve Law in July, which directs the federal government to buy 200,000 bitcoin annually over a period of five years, with a total of one million bitcoin.
However, on March 12, Lummis suggested the newly displayed Bitcoin Law, allowing the government to complicate more than a million bitcoin coins as part of its newly created reserves.
Bitcoin has shown great gains compared to traditional assets in recent years. From August 2011 to January 2025, Bitcoin published an annual growth rate of 102.36 %, compared to S&P 500 14.83 %, According to To Curvo data.
Bitcoin’s annual growth rate is much higher than the S&P 500s. source: Curvo
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