Minnesota State Senator Jeremy Miller, who once doubted Bitcoin, has now embraced it and introduced the Bitcoin Act.
After initially being skeptical of Bitcoin, Senator Miller has now backed Bitcoin investment, positioning Minnesota as one of the latest states to explore the idea.
“As I do more research on cryptocurrency and hear from more and more constituents, I’ve gone from being highly skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies,” Miller said in a March 18 statement.
Miller has written the Minnesota Bitcoin Act to allow Minnesota’s State Board of Investment to invest in Bitcoin and other cryptocurrencies, just as it does with traditional assets.
Bitcoin Laws reports that lawmakers in 23 states have introduced Bitcoin reserve legislation, while several others have proposed Bitcoin investment bills.
With Miller’s proposed bill, state employees in Minnesota could diversify their retirement accounts by adding Bitcoin and other digital currencies. The bill would also allow residents to use Bitcoin to pay state taxes and fees.
Colorado and Utah already accept cryptocurrency for tax payments, while Louisiana permits it for state service payments.
The bill also exempts any returns on Bitcoin and other crypto investments from state income taxes.
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The U.S. tax code allows taxpayers to deduct up to $10,000 in state tax payments on federal returns, but both state and federal governments tax anything over that limit.
After Senator Cynthia Lummis proposed the Strategic Bitcoin Reserve Act in July—calling for the federal government to buy 200,000 Bitcoin per year for five years, reaching 1 million Bitcoin—several U.S. states introduced their own Bitcoin reserve bills.
Senator Lummis reintroduced the BITCOIN Act on March 12, which could allow the government to expand its Bitcoin holdings beyond 1 million as part of its official reserve.
Traditional assets have failed to match Bitcoin’s impressive gains in recent years.
According to Curvo, Bitcoin recorded a 102.36% compound annual growth rate between August 2011 and January 2025, far surpassing the S&P 500’s 14.83% over the same period.
