Changpeng Zhao Says Bitcoin Is an ‘Inevitable Reality’ as Montana Proposes Strategic Bitcoin Reserve Bill

The comment made by the former CEO of Binance, Changpeng Zhao, was a reaction to the report that another American state sought to establish a local version of US

A former cryptocurrency exchange executive has commented on the recent development in Montana, where a bill was passed to establish a local version of US President Donald Trump’s proposed Strategic Bitcoin Reserve.

The former Binance CEO made the comment in a post on his social media account, where he stated that Bitcoin is an “inescapable reality.”

The comment comes amid a growing discussion within the crypto community on the role of Bitcoin in the US government.

The proposal to create a US Strategic Bitcoin Reserve has gained traction in recent months, with several US states passing legislation that seeks to establish a localized version of a BTC reserve and build their crypto portfolio.

On Monday, Satoshi Action Fund posted on its X account that Montana’s proposed House Bill No. 420, which aims to create a localized Bitcoin reserve, passed out of committee and will move onto a House floor vote.

“MT House Bill 420: Strategic Bitcoin Reserve legislation in Montana passes out of committee and moves onto a House floor vote,” the Satoshi Action Fund noted in its post.

The bill was sponsored by Representative Curtis Schomer and aims to create a Bitcoin reserve within the state’s Department of Administration. The proposal follows a bill that was introduced in the state last year, which also sought to establish a BTC reserve but failed to pass.

The latest development comes after several US states, including Utah, Oklahoma and Arizona, passed bills that relate to the creation of local crypto portfolios.

Meanwhile, a report last week showed that a bill that seeks to create a US Strategic Bitcoin Reserve, proposed by Trump, has advanced in the House of Representatives.

The bill, titled H.R. 5544, was introduced by Representative Byron Donalds (R-FL) in March and aims to establish a 120,000 BTC reserve within the US Treasury Department.

The proposal, which was initially introduced in 2022, has now advanced to the House Financial Services Committee following a vote.

If passed, the bill would require the US Treasury to acquire and hold a minimum of 60,000 BTC within two years of the bill’s enactment.

The bill also includes a provision that would allow the US Treasury to sell a portion of the BTC reserves during times of economic hardship or national emergency.

The proposal has faced opposition from some lawmakers, including Representative Maxine Waters (D-CA), who argued that the bill would benefit a "select few at the expense of the majority of Americans."

However, Donalds stated that the bill is a "common-sense measure" that would protect the US from inflation and economic downturn.

"This bill is a common-sense measure that will help protect the United States from the threat of inflation and economic downturn. Bitcoin is a decentralized, digital currency that is not subject to the whims of central banks or governments. By establishing a Strategic Bitcoin Reserve, we can help to ensure the stability of our economy and protect the purchasing power of Americans," Donalds said in a statement.