⚡️🇺🇸 MONTANA: Bitcoin Reserve bill HB 429 failed to pass a second reading in the Montana House. It is now effectively dead.
The vote was 41 - 59. It was largely partisan, but many Republicans voted against the bill.
Discussion
⚡️ANALYSIS: HB 429 failed in the House, largely due to fiscal conservative opposition.
Critics objected to using General Fund money, calling it "speculation with taxpayer dollars".
An amendment to fund the bill with ARPA interest (instead of General Funds) failed, after lawmakers questioned whether those funds could be legally used.
Concerns over oversight also played a role.
Lawmakers asked how the investments would be tracked, with one stating, “Seems a foolhardy way to think about taxpayer dollars.”
Another warned, “I did not come here to give the Board of Investment discretion to invest in non-fungible tokens and cryptocurrencies.”
Despite arguments that digital assets could provide strong returns, too many Republicans joined the opposition, and the bill was rejected.
Good, they’re still ignorant. More cheap sats for plebs.
It will be interesting to see the failure rate of these bills across the US.
Bearish?
I just don’t think the math is there. Most people in congress don’t even own BTC. Better off have been convinced that’s a strategic asset for their state to hold.
Congress doesn’t just need to own BTC privately. But, they need to convinced it’s a superior asset to hold. I think an election cycle or two from that.
The recent WBD with Pysh he kind of covers this... Until the fairer system has equivalent value to the unfair system it won't gain too much traction at this level
💯 I think most will fail. That states that do pass will have a massive headstart