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Ohio has followed suit with Pennsylvania and Texas by introducing a bill to authorize the state treasurer to invest public funds in Bitcoin. House Bill 703, also known as the Ohio Bitcoin Reserve Act, aims to provide the framework for incorporating Bitcoin into the state treasury portfolio.
State Representative Derek Merrin introduced the legislation as part of his broader vision to leverage innovative financial solutions. The bill does not mandate the purchase of Bitcoin but rather gives the State Treasurer the authority and flexibility to make such investments as part of asset allocation decisions.
Merrin emphasized concerns over the devaluation of the US dollar, suggesting that Bitcoin could be a strategic reserve asset to preserve state funds’ value and supplement the existing financial framework. He stated, “Bitcoin is revolutionizing finance and will reshape world economies. We must have sound money – it’s like digital property rights for everyone who owns it. This legislation sets up the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our state finances.”
The bill also anticipates potential federal-level efforts, referencing proposals from lawmakers such as Senator Cynthia Lummis to establish a national Bitcoin reserve under the incoming administration.
Supporters like Andrew Burchwell, Executive Director of the Ohio Blockchain Council, have praised the legislation for positioning Ohio as a leader in this movement. He highlighted the increasing adoption of Bitcoin as a reserve asset globally, noting that it is not just a cryptocurrency but an emerging store of value and an investment opportunity.
Ohio’s proposal to create a Bitcoin reserve puts the state alongside Pennsylvania and Texas, which have also initiated similar initiatives. In Pennsylvania, Republican Reps. Mike Cabell and Aaron Kaufer introduced the “Pennsylvania Bitcoin Strategic Reserve Act” in November, 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 such as bonds and cash reserves.
In Texas, Republican Rep. 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.
Source: cryptopotato.com
