Minnesota becomes the latest State to propose a Bitcoin Act to preserve State Funds 🪙

Minnesota could be taking a slight step toward being one of the first states in the U.S. to possibly use Bitcoin and Cryptocurrency for things such as Retirement Plans, State Investments and Tax Payments.

Former Bitcoin skeptic, Senator Jeremy Miller, has joined a growing line of U.S. states seeking to adopt Bitcoin into its economic and financial frameworks.
The proposed “Minnesota Bitcoin Act” would grant the Minnesota state Board of Investment (SBI) rights to invest state assets into BTC and crypto.
It would also offer crypto as a payment option for state taxes and fees, following Colorado, Utah, and Louisiana, which have various crypto payment options for taxes and other state services.

In addition, it would allow state employees to include crypto in their retirement accounts. Crypto pensions and retirement funds are becoming increasingly common, especially among U.S. pension funds. Wisconsin’s Investment Board has millions tied up in spot Bitcoin exchange-traded funds (ETFs). The proposed act would also exempt crypto investment gains from state income taxes, which Miller believes would foster adoption and innovation for residents and businesses.

Sen. Miller notes that after learning about Bitcoin and crypto, he has transformed from “highly skeptical” to “believing in” its versatile potential.

After securing the Presidency, the Senate, and Congress, Donald Trump’s pro-crypto pledges came through executive orders that laid the groundwork for a different approach to digital assets. Cementing this, Trump’s executive orders to establish a Bitcoin Strategic Reserve and a National Crypto Stockpile have bolstered the prospect of similar policies and initiatives being implemented at a state level.

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