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Breaking: US State of Ohio Introduces Bitcoin Reserve Act
Ohio has become the latest US state to introduce a Bitcoin Reserve Act, following in the footsteps of Pennsylvania and Texas. The new legislation, introduced by State Representative Derek Merrin, would authorize the State Treasurer to purchase Bitcoin as part of the state’s treasury.
According to documents released on December 17, 2024, Rep. Merrin believes that investing in Bitcoin will help protect tax dollars from eroding due to the rapid devaluation of the US dollar. He emphasized the importance of embracing technology and securing Ohio’s financial future by investing in Bitcoin.
The move has been met with widespread support from the crypto community, with Andrew Burchwell, Executive Director of the Ohio Blockchain Council, praising the initiative. He believes that the bill will position Ohio as a leader in innovation and technology.
Ohio’s bold move comes amid predictions that Bitcoin reserve bills could drive the cryptocurrency’s price to $1 million by January 2027 or early autumn 2028. A paper authored by Dr. Murray A. Rudd and Dennis Porter suggests that even more aggressive market growth could be seen if institutional adoption accelerates and Bitcoin’s liquid supply decreases, leading to a possible “hyperbolic price acceleration.”
The news comes as a surprise to many in the crypto space, who will be watching with bated breath to see how this development unfolds.
Stay tuned for further updates on this developing story.
Source: www.cryptonewsz.com
