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 create an “Ohio Bitcoin Reserve” in the state treasury. 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 an argument getting BTC accepted as a form of payment by big businesses and even government agencies in some cases, including it in state reserves, would add to a state's financial strength. Additionally, this could push forward more corporate adoption for digital assets, legitimizing its position in global finance, according to to Matthew Sigel, who heads the Digital Asset Research wing of VanEck.
In 2022, Ohio had a public debt of $72.16 billion, according to Statesman. 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.
