Is the American Bitcoin Dream Shattered? Montana House Shockingly Rejects Reserve Bill!

TradingKey – The Bitcoin Strategic Reserve Bill in Montana has been rejected, causing a dip in Bitcoin prices that may continue to decline.

On Monday, February 24, Bitcoin prices remained stagnant, hovering below $100,000, largely due to the setback with the Bitcoin Strategic Reserve Bill in Montana. As of this writing, Bitcoin has dropped 0.35% in the past 24 hours, currently priced at $96,218.

Bitcoin Price Trend Chart, Source: TradingView.

On February 22, the Montana House voted against the Bitcoin Strategic Reserve proposal, with several Republican lawmakers opposing it. They argued that the state investment board was speculating excessively with taxpayer money and that the risks were too high. However, supporters contended that without passing the bill, the state government would miss the opportunity to enhance its investment returns.

The bill had previously proposed purchasing Bitcoin as a state reserve asset, with a maximum investment of $50 million. Now that the bill has been rejected, it could prompt other U.S. states to make similar decisions, potentially creating bearish sentiment for Bitcoin and further impacting its price—unless former President Trump can eliminate obstacles and give it the green light.