New documents reveal that a Montana bill to use Bitcoin (BTC) as a reserve asset is heading toward the state’s House of Representatives for a vote.
According to legislative tracking service LegiScan, Montana House Bill 429 – which would allow the state to invest in precious metals and digital assets – has passed a Committee vote and is on its way to the House floor.
[adinserter block="1"]The bill says it would create “a state special revenue account for investment in precious metals and digital assets,” with digital assets being defined as “virtual currencies, cryptocurrencies, native electronic assets, including stablecoins and non-fungible tokens, and other digital-only assets that confer economic, proprietary, or access rights or powers.”
The bill also says the state is limited to investing in precious metals, crypto assets with a market cap of over $750 billion averaged over the previous calendar year and stablecoins. Currently, Bitcoin is the only non-stablecoin crypto asset that meets the criteria.
Furthermore, the state treasurer “shall transfer up to $50 million from the general fund to the [investment] account” by July 15th, 2025.
Earlier this month, West Virginia Senator Chris Rose introduced a bill that would allow the state to invest up to 10% of public funds into the same types of assets. Legislators in Texas, Utah and Arizona are considering similar proposals.
The flagship digital asset is trading for $96,264 at time of writing, a 1.96% decrease during the last 24 hours.
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