Ohio follows Pennsylvania, Texas in pursuit of statewide Bitcoin reserves

Ohio State Representative Derek Merrin has introduced House Bill 703, known as the Ohio Bitcoin Reserve Act, with the goal of authorizing the state treasurer to invest funds public in BTC.

The latest initiative is announced as part of Merrin’s broader vision to leverage innovative financial solutions. The legislation provides the framework for Ohio to incorporate Bitcoin into its state treasury portfolio.

Ohio Bitcoin Reservation Act

Merrin highlighted concerns about the ongoing devaluation of the US dollar, positioning Bitcoin as a strategic reserve asset to preserve the value of state funds and complement the existing financial framework. While the bill does not mandate the purchase of Bitcoin, it gives the State Treasurer the authority and flexibility to make such investments as part of asset allocation decisions.

He stated,

“Bitcoin is revolutionizing finance and will reshape global economies. We need to have sound money – it’s like digital property rights for all owners. This legislation sets the framework for the Ohio state government to harness the power of Bitcoin to strengthen our state finances.”

The bill also envisions more efforts at the federal level, citing potential proposals from lawmakers like Sen. Cynthia Lummis to establish a national Bitcoin reserve under the incoming administration.

Supporters such as Andrew Burchwell, executive director of the Ohio Blockchain Council, also highlighted the growing adoption of Bitcoin as a reserve asset globally, praising the legislation for positioning Ohio as a leader in this movement.

Bitcoin State Reserves

Merrin’s proposal to create a Bitcoin reserve places Ohio alongside other states pursuing similar initiatives.

For example, in Pennsylvania, Republican representatives Mike Cabell and Aaron Kaufer introduced the “Pennsylvania Bitcoin Strategic Reserve Act” in November. The bill allows the Treasury to allocate up to 10% of the state’s $7 billion fund to Bitcoin to protect against inflation and reduce reliance on traditional investments such as bonds and reserves effective

In Texas, Republican Rep. Giovanni Capriglione introduced House Bill 1598, establishing a strategic Bitcoin reserve account funded entirely by donations. Unlike Pennsylvania’s approach, Texas reserve assets would be held for up to five years.

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