Ohio Lawmaker Introduces Bill for Strategic Bitcoin Reserve
Ohio lawmaker Derek Merrin recently introduced a groundbreaking bill to establish a Strategic Bitcoin Reserve within the state treasury, as reported on Dec. 17.
The Ohio Bitcoin Reserve Act
The proposed legislation, known as the Ohio Bitcoin Reserve Act, aims to give the state treasurer the authority to invest in Bitcoin, aligning with the trend of adopting it as a strategic asset.
Ohio’s Embrace of Bitcoin Innovation
House Bill 703 positions Ohio as one of the first states looking to adopt a Bitcoin reserve at the state level. Merrin highlighted Bitcoin’s potential to safeguard public funds against the devaluation of the US dollar and preserve value in the state’s investment portfolio.
“This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our state finances. As the US dollar undergoes devaluation, Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value.”
Support for the initiative extends beyond legislative chambers, with Andrew Burchwell, Executive Director of the Ohio Blockchain Council, expressing enthusiasm for the proposal. Burchwell noted that the legislation would enable the Ohio Treasurer to establish and manage a Bitcoin reserve fund, further strengthening the state’s commitment to innovation.
Burchwell pledged to collaborate with lawmakers and state officials in 2025 to ensure the successful implementation of the proposal.
Global Interest in Bitcoin Reserves
Merrin’s proposal comes amidst growing interest in Bitcoin reserves at both state and national levels. States like Texas and Pennsylvania, as well as countries like Brazil, Russia, and Poland, have shown interest in creating national Bitcoin reserves. Lawmakers in Japan and Hong Kong have also called for exploring investments in the digital asset.
These efforts coincide with Bitcoin’s recent price surge to a new all-time high of $108,263 on Dec. 17, according to CryptoSlate’s data.
