The post Montana House Rejects Bill to Make Bitcoin a State Reserve Asset appeared on BitcoinEthereumNews.com.

Despite Montana’s decision, Strategy signaled another major Bitcoin purchase, and is receiving a lot of backing from institutions like BlackRock. Bitcoin traders are eyeing key price levels to determine BTC’s next move. For now, $106,000 is seen as a breakout point and $85,000 as a potential support. Despite short-term volatility, analysts and Cathie Wood are still bullish about Bitcoin’s long-term potential due to institutional adoption. Montana Lawmakers Vote Against Bitcoin Investment Montana’s House of Representatives rejected a bill that could have made Bitcoin (BTC) a state reserve asset. Lawmakers are especially concerned about the potential risks of speculative investment with taxpayer funds. House Bill No. 429 failed in a 41-59 vote on Feb. 22, after apprehensions that it will grant the state’s investment board the authority to invest in Bitcoin, stablecoins, and precious metals. The bill’s criteria limited investment to digital assets with an average market cap of more than $750 billion over the past year, which is a threshold that is currently met only by Bitcoin. Several Republican lawmakers opposed the measure by arguing that investing taxpayer money in cryptocurrency was too risky. Representative Steven Kelly said that the state has a responsibility to protect public funds and suggested that such investments could be too volatile. Representative Bill Mercer is also concerned about the bill, and argued that he did not plan to allow the state to invest in speculative assets like cryptocurrencies and non-fungible tokens. Another lawmaker agreed with this, and even called the proposal a form of speculation. Despite the opposition, some legislators defended the bill by saying that Montana should focus on maximizing returns on taxpayer funds. Representative Lee Demming argued that if the state holds taxpayer money, it should either aim for the highest possible return or return the funds to citizens.  Bill sponsor Curtis Schomer…

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Filed under: News - @ February 24, 2025 6:22 am