In Montana’s legislative assembly, a proposal enabling the state to invest in Bitcoin 
$94,429 as part of its cryptocurrency asset reserves was voted on. The proposal aimed to create a special revenue account for state investment in precious metals and digital assets. The voting process sparked significant debate, particularly regarding the distribution of votes.
Bitcoin Purchase Proposal
The proposal defined digital assets as “cryptocurrencies, local electronic assets, stablecoins, unique digital assets, and other digital assets,” characterizing them as elements that provide economic or accessible rights. It also stipulated that the market value of the assets for investment must exceed $750 billion based on the average of the previous calendar year. Consequently, only Bitcoin was deemed eligible under this criterion.
Outcome of Bitcoin Reserve Voting
During the vote, the proposal was rejected by 41 Democrats and 18 Republicans, while it received support from 40 Republicans and 1 Democrat. After passing a committee vote, the bill was presented to the state assembly. This development prompted discussions on digital asset investment policies within the state. The overall lack of support from even some Republicans significantly undermined confidence in the Federal Strategic Bitcoin Reserve narrative among stakeholders.
Similar initiatives have emerged in other states as well. West Virginia Senator Chris Rose proposed allowing up to 10% of the state’s public funds to be invested in cryptocurrencies. It has been reported that similar proposals are under consideration in Texas, Utah, and Arizona.
The voting in Montana has prompted discussions regarding the place of digital asset investments in state policies and future expectations. The varied vote distributions in the state assembly highlighted existing disagreements on the matter.
An official named Kevin stated, “The rejection of the proposal reflects the hesitancies regarding the integration of digital assets into state policies.” He expressed that different approaches would continue to emerge.
