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Cryptocurrency

Minnesota Senator Introduces Bitcoin Bill After Embracing Crypto

Reflecting his change from a Bitcoin skeptic to a fervent believer, Minnesota State Senator Jeremy Miller has proposed the Minnesota Bitcoin Act in legislation. Positioning Minnesota to lead in crypto adoption, the measure seeks to let state investments in Bitcoin, enable tax payments in cryptocurrencies, and exempt investment gains from state income taxes.

Minnesota State Senator Jeremy Miller has taken a big step toward incorporating Bitcoin into the state’s financial landscape with the introduction of the Minnesota Bitcoin Act. This proposed law captures Miller’s change from a Bitcoin doubter to a strong believer in its promise.

Miller said on March 18, “After doing thorough research and listening to constituents, I’ve gone from being highly skeptical to understanding and believing in Bitcoin and other cryptocurrencies.”

This action allows the Minnesota State Board of Investment to treat state assets, including Bitcoin and other cryptocurrencies, similarly to conventional investments, thereby strengthening Minnesota’s economy. This action helps Minnejurisdictions, her jurisdictions considering the acceptance of cryptocurrencies since 23 states have already passed laws establishing Bitcoin reserves.

Giving Minnesota state employees the choice to include Bitcoin and other digital assets in their retirement accounts is one of the main clauses of the bill.The measure would also let residents pay state taxes and fees using Bitcoin, following the example of states like Colorado and Utah, which have already adopted crypto tax payments. Louisiana also allows cryptocurrencies for some state operations.

The tax advantage for Bitcoin investors is also another important feature of the idea. The measure would exempt investment gains from Bitcoin and other cryptocurrencies from state income taxes, therefore giving residents a financial incentive to participate in digital asset investments.

Minnesota’s quest for Bitcoin acceptance fits a larger American trend. With her Strategic Bitcoin Reserve Act, which suggests accumulating 200,000 bitcoins annually over five years, Senator Cynthia Lummis has been leading federal efforts. More lately, Lummis brought up the BITCOIN Act, which may let the federal government reserve almost a million Bitcoins.

The strong financial performance of Bitcoin over the years has attracted increasing interest in investments in the cryptocurrency. With a compound annual growth rate (CAGR) of 102.36%, Bitcoin far exceeded the 14.83% of the S&P 500 from August 2011 until January 2025.

Minnesota’s proposed Bitcoin Act represents another turning point in the increasing acceptability of digital assets as debates on Bitcoin adoption go on— maybe guiding other states in this regard.

author avatar
Satpal S
Satpal is an Editor and Author at 4C Media Co, specializing in all stories and news related to crypto and finance.
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