Montana is set to implement a Bitcoin reserve bill, potentially reshaping its financial strategy. This move is supported by other states and on the federal level.
Progress in Bitcoin Reserve Legislation
Act 62 proposes establishing a special fund in Montana aimed at engaging investments in digital assets. This allows Bitcoin, as the only asset with a market cap exceeding $750 billion, to be part of the reserve. Montana leads in creating legislation related to Bitcoin reserves, with support from other states like Utah, Arizona, and Oklahoma.
Federal Support for Bitcoin
States' interest in Bitcoin finds resonance at the federal level. In July 2024, the US Senate, led by Senator Cynthia Lummis, introduced a Bitcoin reserve strategy bill that involves purchasing 200,000 Bitcoins annually over five years. This would enhance the country's financial stability and strengthen its leadership in the global digital asset arena.
Changpeng Zhao's Remarks on US Bitcoin Purchases
Binance's co-founder and former CEO Changpeng Zhao sparked speculation by suggesting that the US government is actively buying Bitcoin. He shared his thoughts in a tweet, recommending that the public wait until this process is completed.
Montana's progress with Bitcoin reserve legislation, alongside federal initiatives, highlights the growing interest in digital assets, potentially impacting the US financial strategy in coming years.
