The Montana House of Representatives has voted to allow the establishment of a Bitcoin reserve. Elected officials believe that such a law would encourage the state’s investment board to speculate with taxpayers’ money.
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No Bitcoin reserve in Montana
Hopes for a Bitcoin reserve in the U.S. state of Montana are dwindling. Indeed, the Montana House of Representatives has rejected HB 429 by 41 votes to 59. This bill proposed the creation of a special revenue account to invest in precious metals, stablecoins and digital assets with an average market capitalization of over $750 billion. Only Bitcoin meets this capitalization criterion.
Several elected officials justified their rejection of the legislation during the House of Representatives session on February 22. Steven Kelly believes that as Montana’s representative, he has a duty to protect taxpayers’ money. For him, adopting this law would be tantamount to embarking on risky investments. The same is true of Bill Mercer. For this Montana representative, passing this law is speculation.
It’s still taxpayers’ money, we’re responsible for it and we have to protect it… These types of investments are far too risky.
Steven Kelly
A missed opportunity
While some Montana representatives rejected HB 429, others voted in favor of the bill. This is particularly true of Rep. Lee Demming. This elected official believes that this bill would have allowed the State of Montana to get a return on taxpayers’ money. The same comments were made by Rep. Steve Fitzpatrick. For him, Montana has a lot of money in the bank that could bring money back to the state through thoughtful investment.
We can make a return on investment for the taxpayer and, ultimately, it will allow us to give back more money, lower taxes and provide the tax relief that people are looking for.
Steve Fitzpatrick
While Montana seems to have put an end to any hope of a Bitcoin reserve, other US states are still committed to this path. According to Bitcoin Laws, 24 states have introduced bills to establish a bitcoin reserve. This includes states such as Ohio or the Texas. For his part, Donald Trump still dreams of setting up a strategic Bitcoin reserve for the USA.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
