Key Takeaways
- Montana's House voted 41-59 against creating a state Bitcoin reserve.
- Lawmakers cited concerns over taxpayer risk and speculative investment.
- Similar Bitcoin reserve proposals remain active in 20 other US states.
Montana’s House of Representatives rejected House Bill No. 429, aimed at creating a state Bitcoin reserve, in a 41-59 vote on February 22.
The bill proposed establishing a special revenue account allowing Montana’s Board of Investments to purchase precious metals, stablecoins, and digital assets that have maintained a market cap above $750 billion—currently only Bitcoin meets this criterion.
Opposition
Representative Steven Kelly expressed concerns about the financial risk involved:
He explained:
It’s still taxpayer money, and we’re responsible for it, and we need to protect it.
Kelly described Bitcoin investments as…
… way too risky.
Similarly, Representative Bill Mercer opposed granting discretionary power to the state’s investment board to speculate on digital assets.
Mercer stated during the debate:
I did not come here to do that.
Support
However, supporters argued the bill could offer valuable financial returns.
Representative Lee Demming remarked:
If we’re going to keep the taxpayer’s money, I think we owe it to the taxpayers to get as high a return on that money.
Bill sponsor Curtis Schomer cited the erosion of purchasing power with traditional investments such as bonds, adding:
The only thing that is risky is not passing this bill.
Current status
Despite previous approval by Montana’s business and labor committee, House Bill No. 429 is now effectively terminated.
Montana joins several states considering similar legislation, with Utah currently closest to implementing a Bitcoin reserve policy.
