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Cryptocurrency made a splash in Mid-Michigan on Thursday as enthusiasts gathered on the Capitol lawn for a Bitcoin rally while lawmakers considered legislation that could bring crypto deeper into the state’s economy.
Music played while a small crowd of around forty crypto fans passed from booth to booth. Nearby, one enthusiast explained that cryptocurrency is a digital form of money that operates without banks.
This year alone, around 28% of American adults — or about 65 million people — own cryptocurrencies.
The "Bitcoin for All" rally was sponsored by Stand With Crypto, an industry group launched ahead of the 2024 election, when crypto-focused super PACs like Fairshake spent more than $200 million backing pro-crypto candidates.
Garrette Belanger, a rallygoer and small business owner of Orange Pill Pharmacy, said he plans to open what he believes will be Michigan’s first pharmacy to accept Bitcoin for prescription payments.
“I’m running a cash-only pharmacy as opposed to one that accepts health insurance,” Belanger said. “ By doing that, I can adjust my prices as I see.”
Amber Harris, rally organizer and Managing Director of the Michigan Bitcoin Trade Council, said she hopes Michigan will become a national leader in crypto innovation.
“We just don’t want to be left behind in this technological era,” Harris said.
Meanwhile, lawmakers are reviewing a slate of bills (House Bills 4510-13) that would regulate and further incentivize Michigan's cryptocurrency industry.
HB 4510, introduced by Rep. Bill Schuette (R-Midland) in late May, would formalize the process in which Michigan's state treasurer can invest pension funds in top cryptocurrencies like Bitcoin and Ethereum. Under this bill, investments would be limited to cryptocurrencies with a minimum market cap of $250 billion — which only the cryptocurrencies Bitcoin and Ethereum meet.
Michigan is already the first US public pension system to invest in the cryptocurrency Ethereum ETF Holdings. Last November, The State of Michigan Retirement System disclosed they held over $11 million worth of Ethereum. The Michigan Retirement System also purchased almost $7 million worth of Bitcoin.
While HB 4511 seeks to be a kind of "Cryptocurrency Bill of Rights" (prohibiting state and local governments from banning cryptocurrency ownership or use), HB 4512-13 focuses on Bitcoin miners.
Bitcoin mines — facilities filled which use powerful computers to create the currency — have been popping up around Michigan, some even causing legal battles.
HB 4512-13 aim to encourage new mines by allow Bitcoin miners to use abandoned oil and natural gas wells owned by the Michigan Department of Environment — as well as offer tax breaks for miners who take responsibility for well remediation.
The package is pending review by the House Communications and Technology Committee.
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