- Montana House rejects a Bitcoin reserve proposal.
- The proposed Bitcoin reserve would have allocated up to $50 million in crypto.
- The House cited risks to taxpayer funds.
On February 22, 2025, the Montana House of Representatives decisively voted down House Bill 429, a proposal to establish Bitcoin (BTC) as a state reserve asset.
The 41-59 vote represented a significant setback for advocates of integrating cryptocurrency into Montana’s financial strategy and highlighted a deep divide over the role of digital assets in public finance.
Introduced by Representative Curtis Schomer earlier in February, the bill sought to diversify the state’s investment portfolio by creating a dedicated revenue account.
That account would have allowed the state treasurer to allocate up to $50 million for investments in stablecoins, precious metals, and cryptocurrencies with a market capitalization exceeding $750 billion over the past year—a threshold currently met only by Bitcoin.
Supporters argued the move could generate higher returns than traditional bond investments and position Montana as a forward-looking participant in a changing financial landscape.
Montana House members cautious about risks
Although the Legislature’s Business and Labor Committee approved the bill on February 19 by a 12-8 vote with Republican support and Democratic opposition, the measure faced stiff resistance during its second reading on the House floor.
Financial conservatives, including many Republicans, voiced concerns about Bitcoin’s speculative nature and emphasized the state’s duty to protect taxpayer money.
Representative Steven Kelly captured that sentiment during the House floor session, saying:
“This is still taxpayer money, and we are responsible for it. We must protect it. Investments of this kind are far too risky.”
Representative Jane Gillette echoed those doubts, noting the bill lacked clear guidelines for how funds would be managed, while Representative Bill Mercer warned that Bitcoin’s history of dramatic price swings made it an imprudent choice for public funds.
On the other side, proponents such as Representative Lee Demming argued that embracing digital assets could shield Montana’s reserves from inflation and bolster long-term financial growth, a view shared by Bitcoin advocates nationwide.
The rejection of HB 429 effectively kills the proposal for now and means proponents will need to mount new efforts in future legislative sessions to revive the idea.
Other U.S. states push for Bitcoin reserves
Montana’s decision contrasts with a growing trend among U.S. states exploring Bitcoin as a reserve asset. Roughly two dozen states, including Utah, Arizona, Oklahoma, Texas, and Ohio, have pursued similar legislation, with Utah’s HB230 making notable progress by allowing up to 5% of certain public funds to be invested in digital assets.
Interest in Bitcoin reserves is rising both nationally and globally, with countries such as Switzerland, Brazil, Japan, and Russia also weighing the potential of cryptocurrencies as strategic assets.
Dennis Porter, CEO of Satoshi Action Fund, who worked with Montana legislators including Schomer and Senator Daniel Zolnikov, expressed disappointment with Montana’s vote but remained optimistic about the broader movement. He pointed to Bitcoin’s decentralized nature and capped supply as features that make it attractive as a hedge against economic uncertainty.