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Ohio has joined the ranks of Pennsylvania and Texas by introducing a bill aimed at authorizing its state treasurer to invest public funds in Bitcoin. House Bill 703, also known as the Ohio Bitcoin Reserve Act, proposes to allow the state to incorporate Bitcoin into its treasury portfolio.
The bill’s introduction comes amid concerns over the devaluation of the US dollar and growing interest in digital assets like Bitcoin. According to State Representative Derek Merrin, who introduced the legislation, Bitcoin is a strategic reserve asset that can help preserve the value of public funds and provide an alternative to traditional investments. While the bill does not require the purchase of Bitcoin, it gives the state treasurer the discretion to make such investments as part of asset allocation decisions.
Ohio’s move mirrors similar efforts in other states. In Pennsylvania, Republican Representatives Mike Cabell and Aaron Kaufer recently introduced a bill that would allow the treasury to allocate up to 10% of its $7 billion fund into Bitcoin to mitigate inflationary risks and reduce reliance on traditional investments like bonds and cash reserves. Texas has also taken steps in this direction by filing House Bill 1598, which establishes a strategic Bitcoin reserve account funded entirely through donations.
The move is seen as an effort to modernize Ohio’s financial strategy and leverage the growing adoption of digital assets globally. Andrew Burchwell, Executive Director of the Ohio Blockchain Council, praised the legislation for positioning Ohio at the forefront of this movement.
Merrin emphasized that his proposal aims to harness the power of Bitcoin to strengthen state finances.
Source: cryptopotato.com
