Bad News for Bitcoin (BTC) from the US! Plans Shelved!

While US President Donald Trump continues to work on a strategic Bitcoin reserve, many states have also taken action for a BTC reserve.

While positive news for BTC was expected from the states, the Montana House of Representatives rejected the bill that would establish a Bitcoin reserve.

Accordingly, the Montana state House of Representatives rejected House Bill No. 429, which envisages the establishment of a Bitcoin reserve, by 59 votes to 41.

Many lawmakers opposed the bill, which aims to create an income account to invest in precious metals, stablecoins and Bitcoin and keep its market value consistently above $750 billion.

Montana State Representative Steven Kelly said in his speech to the House General Assembly:

“This is still taxpayers’ money and we are responsible for it and we need to protect it.

“These types of investments are very risky.”

“The only risk right now is not passing this bill,” said Curtis Schomer, the bill's sponsor. “If the Montana Board of Investments continues to invest in bonds, it will soon lose its purchasing power. It could do better investing in precious metals and cryptocurrencies.”

Twenty-four states, including Arizona, Illinois, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, and Texas, have introduced bills to establish Bitcoin reserves.

*This is not investment advice.