Summary
- The Bitcoin reserve bill in Montana was rejected by the House.
- The bill proposed allowing investment in assets like Bitcoin using government funds but was rejected.
- Opponents criticized the Bitcoin reserve as speculation using taxpayers' money.
A Bitcoin (BTC) reserve bill proposed in Montana has been rejected by the House.
According to CoinTelegraph on the 24th, the Bitcoin reserve bill proposed in Montana received 41 votes in favor and 59 votes against in the Montana House of Representatives on the 22nd. The core of the reserve bill was to allow investment in precious metals and cryptocurrencies with a market capitalization exceeding $750 billion as of the last fiscal year using state government budget. However, the bill was rejected following the floor vote.
Lawmakers who voted against the bill criticized the Bitcoin reserve as "speculation using taxpayers' money." One representative stated that "(Bitcoin reserve) is reckless management of taxpayers' money."
Supporters maintain that Bitcoin reserves would have a positive effect on state finances. Montana House Representative Lee Deming stated, "(Montana) has a responsibility to generate the highest possible returns with taxpayer money" and added that "(the Bitcoin reserve bill) could have served that role."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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