Key Takeaways
- Ohio Considers Bitcoin Reserve to Protect Against Dollar Devaluation.
- Similar state-level initiatives for bitcoin reserves are underway in Texas and Pennsylvania.
Ohio State Representative Derek Merrin has introduced legislation to create a state-backed bitcoin reserve. The proposal involves investing excess funds in Bitcoin as a hedge against the devaluation of the dollar.
🚨I filed HB 703 today to create a bitcoin reserve in Ohio within the state treasury!
It provides the powers of the State Treasurer and the flexibility to invest #Bitcoin
This bill creates a framework for Ohio state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSVas2keKd
— 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 U.S. dollar undergoes devaluation, bitcoin provides a means to supplement our nation’s portfolio and keep public assets from losing value,” Merrin said in his X post.
The proposal comes amid similar initiatives across the country, with Texas and Pennsylvania also seeking state-level bitcoin reserves.
The move is in line with Republican initiatives, including President-elect Donald Trump’s expected push for a national bitcoin reserve and Senator Cynthia Loomis’ bill proposing to buy 1 million BTC from the US over five years.
Bitcoin has gained 155% this year, including a rise of over 50% since Trump won the election. At press time, Bitcoin is trading at $104,500.
