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Ohio has joined the ranks of other states in exploring the possibility of investing public funds in Bitcoin, following in the footsteps of Pennsylvania and Texas. This move is seen as a strategic step to protect the state’s finances and modernize its financial strategies.
As part of this initiative, Ohio State Representative Derek Merrin has introduced House Bill 703, also known as the Ohio Bitcoin Reserve Act. This legislation would authorize the state treasurer to invest public funds in Bitcoin, allowing for a more diversified portfolio. While the bill does not mandate the purchase of Bitcoin, it provides the framework for such investments to be made.
Merrin emphasized concerns about the ongoing devaluation of the US dollar and the potential benefits of positioning Bitcoin as a strategic reserve asset. He highlighted that this move is essential in preserving the value of state funds and supplementing the existing financial framework. While the bill does not require the purchase of Bitcoin, it grants the State Treasurer the authority and flexibility to make such investments.
The Ohio Blockchain Council’s Executive Director, Andrew Burchwell, has also praised the legislation for enabling Ohio to take a leadership role in this movement. He emphasized that Bitcoin is increasingly being recognized as a reserve asset globally and urged other states to follow suit.
This move by Ohio comes on the heels of similar initiatives taken by Pennsylvania and Texas. In Pennsylvania, Republican Reps. Mike Cabell and Aaron Kaufer introduced the “Pennsylvania Bitcoin Strategic Reserve Act” in November, which would allow up to 10% of the state’s $7 billion fund to be invested in Bitcoin to hedge against inflation and diversify investments.
In Texas, a bill was filed by Representative Giovanni Capriglione, establishing a strategic Bitcoin reserve account funded entirely through donations. Unlike Pennsylvania’s approach, assets held in this reserve would be locked away for up to five years, providing a long-term strategy for the state.
Ohio is not alone in exploring state-level Bitcoin reserves. Several other states have also been considering similar moves, including Arizona and Illinois.
Source: cryptopotato.com
