Montana has blazed a trail, becoming the fourth U.S. state to push a Bitcoin reserve bill through to the House. On February 19, Montana’s House Business and Labor Committee green-lighted House Bill No. 429 with a 12-8 vote. This showed a clear partisan divide—Republicans for and Democrats against. This initiative could transform Bitcoin and other hefty digital assets into reserve assets for the state.
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As it stands, Bitcoin is the lone digital giant meeting the bill’s criteria with its mammoth market cap. The bill, sans its original mandate for assets to be held by a qualified custodian or through an exchange-traded fund, eyes July 1 for kickoff. If the stars align, by mid-July, the state treasurer might be funneling up to $50 million into an account brimming with precious metals, digital assets, and stablecoins, according to the bill’s provisions.
Utah Leads, Others Follow
Utah has already carved out a path, being the first and only state so far to have a Bitcoin reserve bill clear the House. However, Montana is hot on its heels, accompanied by Arizona and Oklahoma, who have also seen similar bills reach their respective Houses.
The Satoshi Action Fund’s CEO, Dennis Porter, recently pointed out that Utah’s condensed legislative calendar and strong political drive might see it become the first state to officially adopt a Bitcoin reserve. Meanwhile, U.S. Senator Cynthia Lummis is still striving to pass a similar bill at the federal level.
As more states like Illinois, Kentucky, and Texas dip their toes into Bitcoin reserve waters, it’s clear that an important transition is underway in how state legislatures view cryptocurrency as a component of their financial strategies. Montana’s legislative gambit could soon set a precedent.
At the time of writing, Bitcoin is sitting at $98,676.70.
