On February 22, Montana’s House rejected a bill that aimed to designate Bitcoin as a state reserve asset, with numerous lawmakers expressing concerns over potential excessive speculation with taxpayer funds.
The vote on House Bill No. 429 concluded with a 41-59 result, with significant opposition from Republican members.
The bill sought to establish a special revenue account for investments in precious metals, stablecoins, and digital assets that have maintained an average market cap of over $750 billion over the past year—a criterion currently met only by Bitcoin.
During the House Floor session, State Representative Steven Kelly stated, “It’s still taxpayer money, and we’re responsible for it, and we need to protect it,” emphasizing that “these types of investments are way too risky.”
Representative Bill Mercer also voiced concerns about granting Montana’s Board of Investments the authority to invest in cryptocurrencies and non-fungible tokens, disapproving of the idea.
