Minnesota state Senator Jeremy Miller has launched the Minnesota Bitcoin Act, which he drafted after utterly altering his stance on Bitcoin.
“As I do extra analysis on cryptocurrency and listen to from increasingly constituents, I’ve gone from being extremely skeptical to studying extra about it, to believing in Bitcoin and different cryptocurrencies,” Miller stated in a March 18 assertion.
Miller stated the invoice goals to “promote prosperity” for Minnesotans by permitting the Minnesota State Board of Funding to take a position state property in Bitcoin (BTC) and different cryptocurrencies, simply because it invests in conventional property.
A number of different US states have launched comparable Bitcoin-buying payments, with 23 states having launched laws to create a Bitcoin reserve, in accordance to Bitcoin Legal guidelines.
A complete of 39 totally different payments associated to state investments in Bitcoin have been launched throughout 23 US states. Supply: Bitcoin Legal guidelines
Below Miller’s invoice, Minnesota state staff would be capable to add Bitcoin and different cryptocurrencies to their retirement accounts.
It will additionally give residents the choice to pay state taxes and charges with Bitcoin. Colorado and Utah already settle for crypto for tax funds, whereas Louisiana permits it for state providers.
Funding positive aspects from Bitcoin and different cryptocurrencies would even be exempt from state revenue taxes. Within the US, as much as $10,000 paid to the state will be deducted from federal taxes beneath the state and native tax deduction, however any quantity past that’s topic to each state and federal tax obligations.
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The growing variety of US states proposing Bitcoin reserve payments follows Senator Cynthia Lummis’ July Strategic Bitcoin Reserve Act, which directs the federal authorities to purchase 200,000 Bitcoin yearly over 5 years, totaling 1 million Bitcoin.
Nonetheless, on March 12, Lummis proposed a newly reintroduced BITCOIN Act, permitting the federal government to probably maintain greater than 1 million Bitcoin as a part of its newly established reserve.
Bitcoin has proven important positive aspects in comparison with conventional property in recent times. From August 2011 to January 2025, Bitcoin posted a compound annual progress fee of 102.36%, in comparison with the S&P 500’s 14.83%, in accordance to Curvo information.
Bitcoin’s compound annual progress fee is considerably greater than the S&P 500s. Supply: Curvo
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