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Ohio follows the lead of Pennsylvania and Texas by introducing a bill to authorize the state treasurer to invest public funds in Bitcoin. The new initiative aims to modernize financial strategies and protect the value of state funds by incorporating the cryptocurrency into its treasury portfolio.
Introduced by Ohio State Representative Derek Merrin, House Bill 703, also known as the Ohio Bitcoin Reserve Act, provides a framework for the state government to take advantage of the benefits offered by Bitcoin. The bill does not require the purchase of Bitcoin but gives the treasurer the authority and flexibility to make such investments as part of asset allocation decisions.
Merrin emphasized concerns about the ongoing devaluation of the US dollar, suggesting that Bitcoin can serve as a strategic reserve asset to preserve state funds’ value and supplement existing financial strategies. He stressed that this legislation sets up the framework for Ohio’s government to harness the power of Bitcoin to strengthen its finances.
The proposal is part of Merrin’s broader vision to leverage innovative financial solutions. Supporters like Andrew Burchwell, Executive Director of the Ohio Blockchain Council, praised the legislation for positioning Ohio as a leader in the movement towards state-level Bitcoin reserves.
Ohio joins Pennsylvania and Texas in exploring the possibility of holding Bitcoin reserves at the state level. In November, Republican Reps. Mike Cabell and Aaron Kaufer introduced the “Pennsylvania Bitcoin Strategic Reserve Act,” allowing the treasury to allocate up to 10% of the state’s $7 billion fund into Bitcoin to hedge against inflation and reduce reliance on traditional investments like bonds and cash reserves.
In Texas, Representative Giovanni Capriglione filed House Bill 1598, establishing a strategic Bitcoin reserve account funded entirely through donations. Unlike Pennsylvania’s approach, the assets in Texas’s reserve would be held for up to five years.
Ohio follows other states in pursuing state-level Bitcoin reserves
Source: cryptopotato.com
