Montana has just made an important step in recognizing Bitcoin (BTC) as the state's reserve asset. The bill named House Bill No. 429 was passed by the state House Business and Labor Committee #Montana on February 19, with a vote of 12 in favor and 8 against. All Republican members supported it, while Democrats opposed it.

Bitcoin Included in Montana's Investment Plan

The bill proposes the establishment of a special revenue account to invest in precious metals, stablecoins, and digital assets, provided that the asset has an average market capitalization of over $750 billion within a year. Bitcoin is currently the only digital asset that meets this requirement.

Notably, the bill has been amended to remove the requirement that the funds must be held by a custodian organization or through an ETF. If passed by the House, the law will take effect from July 1, and the state treasurer may transfer up to $50 million into this investment account before July 15.

With this move, Montana becomes the fourth state in the U.S. to bring the Bitcoin reserve bill to the House, following Utah, Arizona, and Oklahoma.

Utah Leads, Many States Are Also Following

Montana is not the only state considering adding $BTC to the reserve portfolio. Many other states such as Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas are also taking similar steps.

Among them, Utah is leading, being the only state that has passed a Bitcoin reserve bill in the state House. According to Dennis Porter – CEO of Satoshi Action Fund, Utah has many advantages to become the first state to officially hold Bitcoin in its financial reserves. He believes that #Utah has a shorter legislative schedule and stronger political momentum than other states.

In addition, several states have invested in crypto in various forms, such as Wisconsin, Florida, and Michigan.

Has Bitcoin Become a Federal Reserve Asset?

Not only states, but Bitcoin is also being considered to become a federal reserve asset. Senator Cynthia Lummis is pushing a bill proposing that the U.S. purchase 1 million Bitcoin within 5 years; she even suggested selling gold to buy Bitcoin.

However, this bill has not yet made any significant progress in the U.S. Congress.

Conclusion

Montana is getting closer to recognizing Bitcoin as a reserve asset, along with the leadership of Utah and many other states participating. This shows that the trend of legalizing Bitcoin in the U.S. is becoming increasingly clear. If Bitcoin is recognized in more states, this could be a stepping stone for wider acceptance of this digital asset in the U.S. financial system! 🚀 #anhbacong