- The Montana House of Representatives rejected the Bitcoin reserve bill.
- The proposal sought to allocate up to $50 million in cryptocurrencies to a state reserve.
- Lawmakers cited risks to taxpayer funds as a primary concern.
On February 22, 2025, the Montana House of Representatives overwhelmingly voted down House Bill 429. The proposal aimed to establish Bitcoin (BTC) as part of the state’s reserve assets. The 41–59 vote marked a significant setback for supporters of integrating cryptocurrencies into Montana’s financial strategy and highlighted strong disagreement over the role of digital assets in public finances.
Introduced in early February by Representative Curtis Schomer, the bill proposed diversifying the state’s investment portfolio through the creation of a dedicated revenue account.
Under the plan, the State Treasurer would have been authorized to allocate up to $50 million for investments in stablecoins, precious metals, and cryptocurrencies that had exceeded a $750 billion market capitalization in the previous year—a threshold that, at the time, only Bitcoin met.
Proponents argued that such a move could generate returns higher than traditional bond investments and position Montana as forward-looking in a changing financial landscape.
Montana lawmakers emphasize the risks involved
Although the bill passed the House Economic and Labor Committee on February 19 by a 12–8 vote—with Republicans in favor and Democrats opposed—it encountered fierce opposition during its second reading on the House floor. Fiscal conservatives, including many Republicans, raised concerns about Bitcoin’s speculative nature and stressed the state’s responsibility to safeguard taxpayers’ money.
Representative Steven Kelly voiced that sentiment during the floor session, saying:
“It is still taxpayer money, and we are responsible for it. We need to protect it. These kinds of investments are far too risky.”
Representative Jane Gillette echoed those doubts, noting the bill lacked clear guidelines for administering the funds, while Representative Bill Mercer warned that Bitcoin’s history of dramatic price swings made it an unwise choice for public assets. Supporters such as Representative Lee Demming countered that adopting digital assets could protect Montana’s reserves from inflation and promote long-term financial growth—an argument many Bitcoin advocates nationwide support.
With the rejection of HB 429, the proposal is effectively shelved for now; any future efforts in the Montana legislature will require starting the process anew.
States exploring Bitcoin reserves across the U.S.
Montana’s decision contrasts with a growing trend among U.S. states considering Bitcoin as reserve assets. Around two dozen states, including Utah, Arizona, Oklahoma, Texas, and Ohio, have introduced similar bills. Utah’s HB230 has made notable progress, allowing up to 5% of public funds to be invested in digital assets in certain circumstances.
Beyond the U.S., interest in Bitcoin as a strategic reserve asset has also surfaced internationally, with discussions under way in countries such as Switzerland, Brazil, Japan, and Russia. Dennis Porter, CEO of the Satoshi Action Fund—who has worked with Montana legislators including Schomer and Senator Daniel Zolnikov—expressed disappointment over Montana’s vote but remained optimistic about the broader movement.
Porter emphasized that Bitcoin’s decentralized design and capped supply make it an attractive hedge against economic uncertainty, a position that continues to fuel legislative efforts elsewhere even as some states decline to move forward.