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Minnesota authorities Senator Jeremy Miller has made his authorities the latest to interval investing successful Bitcoin aft helium went “from being highly skeptical” to a crypto believer.
Minnesota authorities Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, which helium drafted aft wholly changing his stance connected Bitcoin.
“As I bash much probe connected cryptocurrency and perceive from much and much constituents, I’ve gone from being highly skeptical to learning much astir it, to believing successful Bitcoin and different cryptocurrencies,” Miller said successful a March 18 statement.
Miller said the measure aims to “promote prosperity” for Minnesotans by allowing the Minnesota State Board of Investment to put authorities assets successful Bitcoin (BTC) and different cryptocurrencies, conscionable arsenic it invests successful accepted assets.
Several different US states person introduced akin Bitcoin-buying bills, with 23 states having introduced authorities to make a Bitcoin reserve, according to Bitcoin Laws.
A full of 39 antithetic bills related to authorities investments successful Bitcoin person been introduced crossed 23 US states. Source: Bitcoin Laws
Under Miller’s bill, Minnesota authorities employees would beryllium capable to adhd Bitcoin and different cryptocurrencies to their status accounts.
It would besides springiness residents the enactment to wage authorities taxes and fees with Bitcoin. Colorado and Utah already judge crypto for taxation payments, portion Louisiana allows it for authorities services.
Investment gains from Bitcoin and different cryptocurrencies would besides beryllium exempt from authorities income taxes. In the US, up to $10,000 paid to the authorities tin beryllium deducted from national taxes nether the authorities and section taxation deduction, but immoderate magnitude beyond that is taxable to some authorities and federal taxation obligations.
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The expanding fig of US states proposing Bitcoin reserve bills follows Senator Cynthia Lummis’ July Strategic Bitcoin Reserve Act, which directs the national authorities to bargain 200,000 Bitcoin annually implicit 5 years, totaling 1 cardinal Bitcoin.
However, connected March 12, Lummis projected a newly reintroduced BITCOIN Act, allowing the authorities to perchance clasp much than 1 cardinal Bitcoin arsenic portion of its recently established reserve.
Bitcoin has shown important gains compared to accepted assets successful caller years. From August 2011 to January 2025, Bitcoin posted a compound yearly maturation complaint of 102.36%, compared to the S&P 500’s 14.83%, according to Curvo data.
Bitcoin’s compound yearly maturation complaint is importantly higher than the S&P 500s. Source: Curvo
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