Montana’s House of Representatives has voted against a bill that sought to establish Bitcoin as a state reserve asset. The legislation, House Bill No. 429, was defeated in a 41-59 vote, with concerns that it would allow risky speculation with taxpayer funds. The bill proposed creating a special revenue account for investing in Bitcoin, precious metals, and stablecoins that met a $750 billion market cap threshold.
Several lawmakers opposed the bill due to the volatility of cryptocurrencies. Representative Steven Kelly argued that such investments carried excessive risk, while Bill Mercer opposed giving the state’s investment board discretion over crypto and NFTs. Some lawmakers saw it as speculation rather than a sound financial strategy.
Supporters of the bill, including Representative Curtis Schomer, argued that not passing the measure would result in a loss of purchasing power for the state’s investment funds. Others, like Steve Fitzpatrick, suggested that investing in Bitcoin could generate returns for taxpayers and enable tax cuts. However, these arguments failed to sway the majority.
With this vote, the bill is effectively dead, and any effort to establish a Bitcoin reserve in Montana would need to be reintroduced in the legislature. Several U.S. states, including Utah and Texas, are actively pursuing similar legislation.
