Senator Goes from Crypto Doubter to Bitcoin Believer—What’s Next, a Crypto Church?

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Senator Goes from Crypto Doubter to <a href="https://minority-mindset.com/btc-usd/">Bitcoin</a> Believer—What’s Next, a Crypto Church?

So, here we are. Minnesota State Senator Jeremy Miller, who once looked at Bitcoin like it was a bad rash, has decided to dive headfirst into the crypto pool. I mean, really? The guy’s proposing a bill to let the state invest public funds in Bitcoin and other digital assets. It’s called the Minnesota Bitcoin Act. Sounds fancy, right? But come on, what’s next? A state-sponsored Bitcoin bake sale? 🍞💰

From Crypto Skeptic To Believer

In a statement released on March 18, Miller said he went from “highly skeptical” to “hey, maybe this isn’t so bad” after doing some “extensive research.” Extensive research? What, did he watch a couple of YouTube videos? I can just picture him, sitting there in his pajamas, scrolling through crypto memes. 😂

Now he wants Minnesota to join the cool kids’ club of states that are all about crypto investments. Apparently, 23 states are already on this bandwagon. Who knew? It’s like a state-level crypto cult. “Join us, we have Bitcoin!”

State Investments And Employee Benefits

If this bill passes, the Minnesota State Board of Investment can throw state money into Bitcoin like it’s confetti at a parade. Treating crypto like traditional investments? What’s next, a state-sponsored crypto retirement party? 🎉

And get this: state employees might be able to add cryptocurrencies to their retirement accounts. Because nothing says “secure future” like investing in something that fluctuates more than my mood on a Monday morning. 😤

According to some reports, Bitcoin has been performing like a rock star compared to regular investments. From August 2011 to January 2025, Bitcoin grew at a compound annual rate of over 100%. Meanwhile, the S&P 500 is just sitting there, sipping its coffee at a measly 14%. Talk about a midlife crisis! ☕️

Tax Payments And Exemptions

Now, here’s the kicker: under the Minnesota Bitcoin Act, citizens could use Bitcoin to pay state taxes and fees. Because nothing screams “I love taxes” like paying them with a volatile digital currency. Louisiana is already doing this, and Colorado and Utah are in on the action too. It’s like a tax payment party, and everyone’s invited! 🎊

Oh, and let’s not forget the bill’s exemption of investment gains from state income taxes. For Minnesota investors, this could mean some serious savings. Because who doesn’t want to save a few bucks while playing the crypto lottery? 🎰

Federal Efforts Gain Momentum

But wait, there’s more! This crypto craze isn’t just a state thing. Senator Cynthia Lummis is working on some federal legislation too. She wants the federal government to buy 1 million Bitcoin every year for five years. That’s 200,000 Bitcoin! I mean, is this a government plan or a really ambitious garage sale? 🏷️

And Miller’s bill comes at a time when Bitcoin prices are skyrocketing. At the time of the study, Bitcoin was selling for $83,350. So, clearly, people are still interested, even if the price is acting like a teenager on a rollercoaster. 🎢

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2025-03-19 17:14