State Senator Jeremy Miller of Minnesota has put forward the Minnesota Bitcoin Act, a move that comes after a significant shift in his views on Bitcoin.
“My continued research into cryptocurrency and the increasing feedback from constituents have transformed my perspective from skepticism to a genuine belief in Bitcoin and other cryptocurrencies,” Miller stated on March 18.
The purpose of the bill is to “foster prosperity” for the people of Minnesota by permitting the Minnesota State Board of Investment to allocate state assets into Bitcoin (BTC) and other cryptocurrencies, similar to its investments in conventional assets.
Other states in the US have also proposed similar legislation concerning Bitcoin acquisition, with a total of 23 states having introduced bills aimed at establishing a Bitcoin reserve, as reported by Bitcoin Laws.
A sum of 39 distinct bills regarding state investments in Bitcoin has been proposed across 23 US states. Source: Bitcoin Laws
If passed, Miller’s bill would enable Minnesota state employees to incorporate Bitcoin and other cryptocurrencies into their retirement plans.
Additionally, it would allow residents to pay state taxes and fees using Bitcoin. Already, Colorado and Utah permit crypto payments for taxes, while Louisiana allows it for certain state services.
Moreover, profits from Bitcoin and other cryptocurrencies would be exempt from state income taxes. Within the US, individuals can deduct up to $10,000 paid to the state from federal taxes under the state and local tax deduction, although amounts exceeding that are subject to both state and federal taxes.
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The surge in US states proposing Bitcoin reserve legislation follows Senator Cynthia Lummis’ Strategic Bitcoin Reserve Act introduced in July, which calls for the federal government to purchase 200,000 Bitcoin each year for five years, culminating in a total of 1 million Bitcoin.
Furthermore, on March 12, Lummis reintroduced a new BITCOIN Act, which could allow the government to hold more than 1 million Bitcoin in a newly created reserve.
In recent years, Bitcoin has demonstrated considerable growth compared to traditional investments. Between August 2011 and January 2025, Bitcoin achieved a compound annual growth rate of 102.36%, in contrast to the S&P 500’s 14.83%, according to Curvo data.
Bitcoin’s compound annual growth rate far exceeds that of the S&P 500. Source: Curvo
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