Minnesota State Senator Jeremy Miller Has Introduced a New Bill That Would Allow the State to Invest Public Funds in Bitcoin and Other Crypto Assets

Minnesota State Senator Jeremy Miller has put forward a new bill that would allow the state to invest public funds in Bitcoin and other crypto assets.

Minnesota State Senator Jeremy Miller is making a surprising shift in stance as he introduces a new bill that would allow the state to invest public funds in Bitcoin and other crypto assets.

The proposed legislation, named the Minnesota Bitcoin Act and unveiled on March 18, is a complete change from Miller’s previous focus on state-level cryptocurrency regulation.

“Coming into this session, I was highly skeptical of cryptocurrency. But as I did some research and learned more about it, I’ve gone from being skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies,” the lawmaker stated in a press release.

The senator now wants Minnesota to join a growing number of states exploring cryptocurrency investments. According to Bitcoin Lawss, 23 states have already introduced bills to create Bitcoin reserves.

If passed, the bill would grant the Minnesota State Board of Investment the permission to allocate state money into Bitcoin and other cryptocurrencies, treating them like traditional investment assets.

State employees would also acquire the option to include cryptocurrencies in their retirement accounts, providing them with greater control over their long-term savings choices.

According to a report by Curvo, Bitcoin has exhibited strong performance in comparison to regular investments. From August 2011 to January 2025, Bitcoin experienced a compound annual growth rate of over 100%, while the S&P 500 only grew by 14% over the same period.

Moreover, the Minnesota Bitcoin Act would enable citizens to utilize Bitcoin for settling state taxes and fees. While Louisiana permits cryptocurrencies for governmental services, Colorado and Utah currently accept it for tax payments.

Another key aspect of the bill is the exemption of investment gains from Bitcoin and other cryptocurrencies from state income taxes. This could translate into significant savings for investors in Minnesota, as the state and local tax deduction presently permits a reduction of up to $10,000.

On the federal level, Senator Cynthia Lummis has been working on legislation to create a U.S. bitcoin reserve and mandate the government to purchase the flagship cryptocurrency.

Lummis, the founding member of the bipartisan Congressional Blockchain Caucus, first proposed the Strategic Bitcoin Reserve Act in July. The bill calls for the federal government to buy 1 million Bitcoin every year for five years, for a total of 200,000 Bitcoin.

The bill also calls for the creation of a bipartisan commission to study the macroeconomic impact of bitcoin and make recommendations for legislation to optimize the build-out of the U.S. bitcoin reserve.

Miller’s bill comes at a time when Bitcoin prices are spiking significantly. At the time of writing, Bitcoin is trading at $83,350, which showcases that investors remain interested in and comfortable with the cryptocurrency, despite its recent price movements.