Source: Cointelegraph Original: "{title}"

Minnesota Senator Jeremy Miller has introduced the "Minnesota Bitcoin Bill," which he drafted after a complete change in his stance on Bitcoin.

Miller stated in a press release on March 18: "As I researched cryptocurrency more and listened to more and more constituents, I went from being highly skeptical at first to gaining a better understanding, and ultimately to having confidence in Bitcoin and other cryptocurrencies."

Miller said the bill aims to "promote prosperity" for the people of Minnesota by allowing the Minnesota Investment Board to invest state assets in Bitcoin (BTC) and other cryptocurrencies, just as they would invest in traditional assets.

According to data from Bitcoin Laws, several other states in the U.S. have also proposed similar bills for purchasing Bitcoin, with 23 states currently introducing legislation related to establishing Bitcoin reserves.

A total of 23 states in the U.S. have proposed 39 different bills related to state government investment in Bitcoin. Source: Bitcoin Laws

Under the bill proposed by Miller, Minnesota public officials will be able to include Bitcoin and other cryptocurrencies in their retirement accounts.

The bill will also give residents the option to pay state taxes and related fees using Bitcoin. Colorado and Utah have already accepted cryptocurrency for tax payments, while Louisiana allows cryptocurrency to pay for services provided by the state government.

Investment gains from Bitcoin and other cryptocurrencies will also be exempt from state income tax. In the U.S., under state and local tax credit policies, amounts paid to state governments up to $10,000 can be deducted from federal taxes, but amounts exceeding that must bear both state and federal tax obligations.

Following Senator Cynthia Lummis's introduction of the "Strategic Bitcoin Reserve Act" in July, more and more U.S. states have proposed bills regarding Bitcoin reserves. The bill proposed by Lummis requires the federal government to purchase 200,000 Bitcoins annually over five years, totaling 1 million Bitcoins.

However, on March 12, Lummis introduced a reintroduced "Bitcoin Bill," allowing the government to hold potentially more than 1 million Bitcoins in newly established reserves.

Compared to traditional assets, Bitcoin has shown significant growth in recent years. According to Curvo, from August 2011 to January 2025, Bitcoin's compound annual growth rate was 102.36%, while the S&P 500 index's compound annual growth rate was 14.83%.

Bitcoin's compound annual growth rate significantly exceeds that of the S&P 500 index. Source: Curvo

Related: Senator Lummis's new Bitcoin bill allows the U.S. to reserve over 1 million Bitcoins.

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