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US State Overcomes Bitcoin Doubt, Proposes Bill for Investment! - Coin Bulletin
Minnesota State Senator Jeremy Miller proposed the Minnesota Bitcoin Act, which will allow the state to invest in Bitcoin and other cryptocurrencies.
Minnesota State Senator Jeremy Miller announced on March 18 that he has completely changed his stance on Bitcoin and cryptocurrencies, proposing a Bitcoin bill. Miller said, "As I have conducted more research on cryptocurrencies and received more feedback from voters, my perspective on Bitcoin and other cryptocurrencies has changed significantly; I was initially skeptical, then I started to learn more, and now I believe in Bitcoin."
This law will allow the Minnesota State Investment Board to invest in Bitcoin and other cryptocurrencies, just like it does with traditional assets.
Minnesota is not one of the first states to consider investing in Bitcoin. 23 states in the U.S. have already introduced laws aimed at creating Bitcoin reserves.** In addition, Miller's proposed law would allow government employees in Minnesota to make additions from Bitcoin and other cryptocurrencies to their retirement accounts.
Innovations in tax and investment
State tax payments made with Bitcoin have previously been accepted in states like Colorado and Utah. With Miller's proposal, a similar practice could be implemented in Minnesota as well. Additionally, investment gains obtained from Bitcoin and other cryptocurrencies will be exempt from state income tax.
The significant gains of Bitcoin compared to traditional assets have accelerated the adoption of the idea of creating cryptocurrency reserves in other states.
The increasing investment interest in the cryptocurrency market is particularly noteworthy due to the high returns that Bitcoin has shown in recent years. From August 2011 to January 2025, Bitcoin's annual compound growth rate was 102.36%, while the annual growth rate of the S&P 500 remained at 14.83%.