Bitcoin Bill Rejected: Montana House Punts on Crypto Reserve

The Montana House of Representatives has rejected a bill that proposed to designate Bitcoin as the state's reserve asset. The bill, which was voted down on February 22nd, suggested creating a special revenue account to invest in precious metals, stablecoins, and digital assets with a market cap over $750 billion, with only Bitcoin currently meeting this criteria.

The bill faced opposition from multiple Republican lawmakers who believed it would lead the state investment board to engage in excessive speculation with taxpayer funds, posing too high a risk. Supporters, on the other hand, argued that failing to pass the bill would cause the state government to miss out on an opportunity to enhance returns on its funds.

Currently, the bill has been essentially tabled, and if it is to be reintroduced in the future, it will need to be resubmitted for legislative review.