Key Takeaways
- Ohio is considering a Bitcoin reserve to hedge against the devaluation of the dollar.
- Similar state-level initiatives for Bitcoin reserves are underway in Texas and Pennsylvania.
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Ohio State Representative Derek Merrin has introduced legislation to create a state-backed Bitcoin reserve. The proposal includes investing extra money in Bitcoin as a hedge against a devaluation of the dollar.
🚨Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!
Gives state treasurer authority & flexibility to invest in it #Bitcoin
This legislation creates a framework for the Ohio state government to use the power of Bitcoin to… pic.twitter.com/hSWas2qeQd
— Derek Merrin (@DerekMerrin) December 17, 2024
The bill, known as the Ohio Bitcoin Reserve Act, would authorize the state treasurer to invest in Bitcoin as part of Ohio's investment portfolio.
“As the US dollar goes through a depreciation, Bitcoin provides a tool to add to our state portfolio and preserve public moneywith the X post his
The proposal comes amid similar initiatives across the country, with Texas and Pennsylvania also pursuing state-level Bitcoin reserves.
The move aligns with Republican initiatives, including President-elect Donald Trump's push for a national Bitcoin reserve and Senator Cynthia Lummis' draft bill proposing a US purchase of 1 million BTC over on five years.
Bitcoin has gained 155% this year, including an increase of more than 50% since Trump won the election. At press time, Bitcoin is trading at $104,500.
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