Montana legislators rejected a proposal allowing the state to invest in Bitcoin as a reserve asset. The bill, which was supported by 40 Republicans and one Democrat but opposed by 41 Democrats and 18 Republicans, aimed to establish a state account for investing in precious metals and digital assets. These digital assets were defined broadly to include virtual currencies, cryptocurrencies, stablecoins, and other digital assets with specific economic rights. The bill also specified that investments in crypto assets must meet a market cap threshold, a condition that only Bitcoin currently satisfies.
Similar initiatives are being considered in other states such as West Virginia, Texas, Utah, and Arizona. Bitcoin’s current trading price is $92,029, experiencing a nearly 4% decrease in the past 24 hours. This legislative trend reflects a growing interest in incorporating digital assets into state reserve portfolios.
