Minnesota is making waves in the crypto world, and it’s not just traders and tech geeks paying attention anymore. State Senator Jeremy Miller, once a staunch Bitcoin skeptic, has done a complete 180.
Now, he’s championing the Minnesota Bitcoin Act (SF2661)—a game-changing proposal that could bring Bitcoin into state investments, pension plans, and even tax payments.
From Doubter to Crypto Advocate: The Jeremy Miller Transformation
Miller’s shift is as dramatic as Bitcoin’s legendary price swings. Just a few years ago, he wasn’t convinced about the digital asset revolution. But after deep-diving into crypto research and listening to his constituents, he’s now fully onboard.
“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 stated on March 18.
This isn’t just another politician jumping on the bandwagon—it’s a sign that Bitcoin’s influence is growing at the state level. If this bill passes, Minnesota could become one of the first states to officially integrate Bitcoin into government operations.
Breaking Down the Minnesota Bitcoin Act
The proposed legislation isn’t just symbolic—it has the potential to revolutionize Minnesota’s financial landscape. Here’s what’s on the table:
- State Investments: The Minnesota State Board of Investment could allocate funds to Bitcoin, treating it like any other financial asset.
- Retirement Plans: State employees may soon have the option to invest a portion of their retirement savings in Bitcoin and other cryptocurrencies.
- Tax Payments: Minnesota residents could soon pay state taxes and fees in Bitcoin—just like in Colorado and Utah.
- Crypto Tax Incentives: Gains from Bitcoin and other cryptocurrencies could be exempt from state income tax, making Minnesota a potential crypto hub.
The last point is a big deal. Right now, only the first $10,000 of state tax payments can be deducted from federal taxes. But under Miller’s plan, Bitcoin investors would dodge state taxes on crypto gains, creating a powerful incentive for crypto entrepreneurs and investors to flock to Minnesota.
Other States Are Watching Closely
Minnesota isn’t alone in this movement—other states are already integrating Bitcoin into their financial ecosystems.
- Wyoming’s Senator Cynthia Lummis has been pushing for a federal Bitcoin reserve, proposing the U.S. government acquire 200,000 BTC annually for five years.
- Louisiana is already leveraging Bitcoin for state services.
- Colorado and Utah have embraced crypto for tax payments.
If Minnesota leaps, it could set a precedent for full-scale crypto integration at the state level.
Will The Minnesota Bitcoin Act Pass?
Miller’s proposal is ambitious, but does it have enough support? The debate is heating up. Crypto believers are cheering while critics raise concerns about volatility and regulation.
One thing is certain: Minnesota has just catapulted itself onto the crypto map. If this bill becomes law, it could spark a nationwide trend, fundamentally changing how governments interact with Bitcoin and other digital assets.
Is Minnesota poised to become the first true Bitcoin-powered state? The world is watching. Stay tuned.
