Summary – Key Highlights:
- Michigan introduces 4 new crypto-focused bills to define state-level digital asset policy.
- Proposed legislation includes pension fund Bitcoin investments and a CBDC ban.
- Innovative Bitcoin mining initiative at abandoned oil wells backed by tax incentives.
- Major firms like Blackstone and DigiAsia make headlines with new Bitcoin investment strategies.
Michigan Goes Crypto: New Bills Set Bold Agenda
Michigan has entered the digital asset spotlight with four groundbreaking bills aimed at shaping state crypto policy and asserting independence from federal oversight. Filed by a bipartisan group of lawmakers, these proposals reflect a broader nationwide trend as states take the reins in defining how cryptocurrencies are integrated into public finance and private enterprise.
Bitcoin in Public Pension Funds? Michigan Says Yes
House Bill 4510, introduced by Rep. Bill Schuette (R-MI), proposes a landmark move: allowing the state’s public pension funds to invest in Bitcoin. However, this wouldn’t be a free-for-all. Only cryptocurrencies with a market cap over $250 billion—which currently applies exclusively to Bitcoin—would qualify.
All investments must be made via regulated exchange-traded products (ETPs), ensuring oversight by registered firms.
“This is about giving Michigan retirees a smart, secure pathway to benefit from Bitcoin’s long-term value,” said Rep. Schuette.
Blocking the Fed: Michigan Pushes Back on CBDCs
In a strong stance against federal control, House Bill 4511, sponsored by Rep. Bryan Posthumus (R-MI), proposes a statewide ban on any support, testing, or promotion of a U.S. central bank digital currency (CBDC) by public agencies.
The bill also includes protection clauses shielding digital asset holders from additional state taxes or regulations. This mirrors growing national concern that CBDCs could infringe on financial privacy and innovation.
Mining Meets Environmental Cleanup
Democrat Rep. Mike McFall (D-MI) filed HB 4512 and HB 4513, introducing a “Bitcoin Program” that ties crypto mining with environmental restoration.
Private companies would be granted temporary rights to mine Bitcoin at abandoned oil or gas well sites, using leftover fuel—on the condition they clean up the sites afterward.
The initiative includes state tax deductions for income generated and would be regulated by Michigan’s Supervisor of Wells.
Corporates Join the Bitcoin Bandwagon
Outside the legislature, corporate giants are stepping up their crypto plays:
- Blackstone, the world’s largest alternative asset manager, made its first crypto move by purchasing over 23,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT).
- Indonesian fintech firm DigiAsia Corp saw its stock surge by 91%, following its decision to build a Bitcoin treasury reserve. The company plans to allocate up to 50% of its net profits toward Bitcoin acquisition.
These developments underscore the growing shift in how institutions view Bitcoin—as both a hedge and a long-term capital strategy.
Final Thoughts: A New Era for Crypto in the U.S.?
From state houses to boardrooms, Bitcoin is evolving from a fringe asset to a financial mainstay. With states like Michigan and Texas passing bold legislation, and companies large and small adopting crypto strategies, the digital asset revolution is gaining tangible momentum.
Michigan’s message is clear: financial innovation starts at the state level—and Bitcoin is at the forefront.