Nikolas Sargeant
Minnesota State Senator Jeremy Miller has made headlines by introducing the Minnesota Bitcoin Act, a proposal aimed at integrating cryptocurrency into state investments and services. Miller, once a skeptic, shared that his stance on Bitcoin evolved after conducting extensive research and engaging with his constituents. "I’ve gone from being highly skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies," he explained in a statement released on March 18.
The Bitcoin Act aims to boost Minnesota’s prosperity by allowing the Minnesota State Board of Investment to include Bitcoin and other cryptocurrencies in its portfolio, alongside traditional assets. The bill also permits state employees to contribute cryptocurrency to their retirement accounts, a groundbreaking move that could shift how public sector workers save for the future.
If passed, the bill would also give Minnesota residents the option to use Bitcoin for paying state taxes and fees, mirroring similar moves in states like Utah. Additionally, any investment gains from Bitcoin would be exempt from state income taxes, potentially benefiting both investors and the state’s economy.
This proposal comes as other states are increasingly considering similar measures. Senator Miller’s bill mirrors the trend of growing acceptance of cryptocurrency as a legitimate asset class, following legislative efforts in 23 states, led by Arizona and Texas, aimed at creating Bitcoin reserves. As Bitcoin continues to outperform traditional assets in growth, Minnesota’s embrace of crypto could set a precedent for other states looking to modernize their financial systems.
