Minnesota state Senator Jeremy Miller has made a dramatic shift from Bitcoin skeptic to advocate, introducing the Minnesota Bitcoin Act. The proposed legislation could reshape state investments, allowing the Minnesota State Board of Investment to allocate funds to Bitcoin and other cryptocurrencies, just as it does with traditional assets.

Miller’s transformation came after extensive research and discussions with constituents. "I’ve gone from being highly skeptical to believing in Bitcoin and other cryptocurrencies," he stated on March 18. His bill aims to spur economic growth and financial opportunities for Minnesotans by integrating Bitcoin into public funds.

The proposal follows a growing trend among U.S. states. Currently, 23 states have introduced legislation to establish a Bitcoin reserve, following the lead of Colorado and Utah, which already accept crypto for tax payments. If passed, Miller’s bill would allow state employees to add Bitcoin to their retirement accounts and offer residents the option to pay state taxes and fees with cryptocurrency. Additionally, investment gains from Bitcoin would be exempt from state income taxes, making Minnesota one of the most crypto-friendly states in the U.S.

The momentum behind state-level Bitcoin initiatives has been fueled by federal efforts. Last July, Senator Cynthia Lummis proposed the Strategic Bitcoin Reserve Act, which aimed for the U.S. government to accumulate 1 million Bitcoin over five years. Lummis recently reintroduced the BITCOIN Act, potentially expanding federal Bitcoin holdings beyond that threshold.

Bitcoin’s explosive growth has caught the attention of lawmakers. Between August 2011 and January 2025, Bitcoin posted a staggering 102.36% annual growth rate, far surpassing the S&P 500’s 14.83%. With Minnesota now considering its own Bitcoin reserves, the race for state and federal crypto adoption is accelerating.