The State of Montana has passed a bill that would allow the creation of a state special revenue account for investments in precious metals and digital assets, including Bitcoin (BTC).
The bill now moves to the full House for a vote. If approved, it will move to the Senate and then to the governor. If signed, it will become law on July 1, 2025.
Montana Advances Strategic Bitcoin Reserve Bill
Representative Curtis Schomer introduced House Bill 429. It is titled “An Act Creating a State Special Revenue Account for Investment in Precious Metals and Digital Assets as Determined by the Board of Investments; Providing Definitions; Providing for a Transfer; and Providing an Effective Date.”
“HB 429 passed the House Business and Labor Committee by a vote of 12-8,” Bitcoin Laws posted on X.
The bill is designed to create an investment strategy for Montana’s state funds by using a mix of assets as a hedge against inflation. HB429 defines a digital asset as virtual currencies, cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and other digital assets offering economic or access rights.
According to the bill, exchange-traded products, such as those linked to commodities or stocks, will be permissible investments. Additionally, precious metals, such as gold, silver, and platinum, in any form—whether coins or bullion—are included.
“The board of investments is authorized to invest the funds in the account provided for in [section 3] in precious metals, digital assets with a market cap of over $750 billion averaged over the previous calendar year, and stablecoins,” the bill specifies.
It is worth noting that only Bitcoin (BTC) fulfills the market cap threshold criteria. Its market capitalization stands at $1.92 trillion.
Meanwhile, Montana is one of the many US states in the race to establish a strategic Bitcoin reserve. According to Bitcoin Laws, as of February, at least 20 states have introduced similar legislation.
“Montana becomes the 4th state to pass SBR out of committee. Utah, Oklahoma, Arizona, and Montana,” Satoshi Action Fund’s CEO, Dennis Porter, wrote on X.
In Utah, HB 230 has moved to the Senate Revenue and Taxation Committee. Furthermore, Utah is currently leading the state reserve race. In Arizona, SB 1373 passed the Senate Finance Committee with a 5-2 vote.
It now goes to the Rules Committee before a full Senate vote. SB 1373 is the second Bitcoin Reserve bill in Arizona, after SB 1025. This bill is also set for a full Senate vote.
The growing momentum behind state-level Bitcoin reserves reflects a broader belief in the value of digital assets. Notably, industry figures like Changpeng Zhao (CZ), former CEO of Binance, have underlined the inevitability of Bitcoin’s role in the global economy.
“You can buy bitcoins after the US government is done buying, or before. There is no other choice, btw,” he remarked.
CZ emphasized that avoiding the use of Bitcoin is as impossible as avoiding the internet or money.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
