Derek Merrin of Ohio proposes HB 703, Bitcoin Reserve Bill

Proposed legislation in Ohio seeks to include Bitcoin in its financial plan. Ohio House Republican Leader Derek Merrin introduced the bill.

Former Waterville Mayor Derek Merrin took to X to announce that House Bill 703, filed this week, would allow the state treasurer to invest in Bitcoin (BTC) to ” Ohio Reserve Bitcoin” was created in the state. finance The idea behind the introduction of the bill was that the introduction of BTC into the state's investment portfolio could help hedge against a slow decline in the purchasing power of the US dollar, thereby helping maintaining the value of public money across generations.

If approved, the proposed law will put Ohio on the map for government adoption by giving the financier the authority and flexibility to invest in BTC. Advocates like Cynthia Lummis argue that getting BTC accepted as a form of payment by big businesses and even government agencies in some cases, including it in stores state that it would increase the financial strength of the state. In addition, this could push forward more corporate adoption for digital assets, legitimizing its position in global finance, according to Matthew Sigel, who heads VanEck's Digital Asset Research wing.

In 2022, Ohio had a public debt of $72.16 billion, according to Statista. Most of Ohio's debt consists of general obligation bonds and special obligation bonds issued to finance infrastructure, education and other public projects. As a result, if Ohio can now add BTC to its financial reserves, the state will likely improve its long-term financial resilience. Over time, such a strategy could brighten Ohio's fiscal picture, reducing pressure to raise taxes or cut services and putting the state in a much better position to meet such obligations.