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Key Takeaways
- Ohio is considering a Bitcoin reserve to hedge against the dollar’s devaluation.
- Similar state-level initiatives for Bitcoin reserves are underway in Texas and Pennsylvania.
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Ohio State Representative Derek Merrin has introduced legislation to create a state-backed Bitcoin reserve. The proposal involves investing surplus funds in Bitcoin as a hedge against dollar devaluation.
🚨Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!
Provides state treasurer authority & flexibility to invest in #Bitcoin
This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd
— Derek Merrin (@DerekMerrin) December 17, 2024
The bill, known as the Ohio Bitcoin Reserve Act, would authorize the state treasurer to invest in Bitcoin as part of Ohio’s investment portfolio.
“As the US dollar undergoes devaluation, Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value,” Merrin stated in his X post.
The proposal comes amid similar initiatives across the country, with Texas and Pennsylvania also pursuing state-level Bitcoin reserves.
The move aligns with Republican initiatives, including President-elect Donald Trump’s anticipated push for a national Bitcoin reserve and Senator Cynthia Lummis’ draft bill proposing US purchases of 1 million BTC over five years.
Bitcoin has gained 155% this year, including an over 50% surge since Trump won the election. At press time, Bitcoin is trading at $104,500.
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This article first appeared at Crypto Briefing
