Montana lawmakers recently rejected a bill that would have allowed the state to invest in Bitcoin as part of its financial reserves. The vote was surprisingly close.
A Narrow Defeat for Bitcoin
While 41 Republicans and one Democrat supported the bill, it ultimately failed to pass due to opposition from 41 Democrats and 18 Republicans. The bill, which had previously passed a committee vote, aimed to create a special fund for investing in precious metals and digital assets, specifically defining digital assets to include cryptocurrencies like Bitcoin and stablecoins. A key provision limited investments to cryptocurrencies with a market cap exceeding $750 billion – a threshold currently only met by Bitcoin.
Other States Considering Similar Legislation
Montana isn’t alone in exploring cryptocurrency investments for state reserves. Similar bills are under consideration in West Virginia, Texas, Utah, and Arizona, highlighting a growing interest in diversifying state finances with crypto assets. At the time of writing, Bitcoin is trading around $92,029.
Disclaimer: This information is for general knowledge and shouldn’t be considered financial advice. Investing in cryptocurrencies is risky, and you could lose money. Always do your own research before making any investment decisions.
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