Montana’s attempt to invest public funds in Bitcoin was thwarted on Friday when a piece of legislation failed to gain approval in the House of Representatives.
House Bill 429, introduced earlier this month by Representative Curtis Schomer, sought to create a special revenue account allowing up to $50 million to be allocated for crypto, stablecoins, and precious metals
The aim, according to Schomer, was to diversify the state’s assets and potentially provide higher returns than traditional bond investments.
Even though Bitcoin (BTC ($95,519.29)) was the only digital asset to meet the criteria set by the bill with $1.8 trillion in market cap, it encountered strong opposition from lawmakers, culminating in a 41-59 vote in the House.
Montana now joins a growing list of states that have rejected Bitcoin reserve proposals, including North Dakota, Wyoming, and
