A Minnesota state senator is proposing a bill that would let the state invest taxpayer money in Bitcoin and other cryptocurrencies. This is a big shift for Senator Jeremy Miller, who used to be skeptical of crypto.
From Crypto Skeptic to Crypto Advocate
Senator Miller recently stated that after doing his research, he’s become a believer in Bitcoin and other cryptocurrencies. He now wants Minnesota to join other states exploring crypto investments. Apparently, about 23 states have already proposed similar bills.
Investing State Funds and Employee Retirement Options
The proposed “Minnesota Bitcoin Act” would allow the state’s investment board to put state funds into Bitcoin and other cryptos, treating them like any other investment. It would also give state employees the option to include crypto in their retirement plans.
The senator points to Bitcoin’s impressive historical performance as a reason for this proposal. Some data suggests Bitcoin’s growth significantly outpaced traditional investments like the S&P 500 over a long period.
Tax Payments and Tax Breaks
The bill also proposes letting people pay state taxes with Bitcoin. A few other states already do this. Even better, the bill suggests exempting Bitcoin investment gains from state income taxes, which could save Minnesotans a lot of money.
Federal Crypto Push
This isn’t just happening at the state level. There’s also a push for federal cryptocurrency legislation, with Senator Cynthia Lummis proposing a bill to have the federal government buy a massive amount of Bitcoin over several years.
Bitcoin’s Current Market Position
Senator Miller’s proposal comes at a time when Bitcoin’s price is relatively high, suggesting continued investor interest despite recent price volatility.
