According to a statement released on December 17, Ohio legislator Derek Merrin has introduced a bill that would establish a Strategic Bitcoin Reserve in the State Treasury.
The Ohio Bitcoin Reserve Act proposes legislation that would give state treasurers the ability to purchase Bitcoin, in line with the increasing trend towards adopting Bitcoin as a strategy asset.
Ohio’s push for Bitcoin innovation
This bill is filed under the House Bill 703. It makes Ohio one of the very first states in the country to consider adopting a Bitcoin Reserve at the State level.
Merrin emphasized that the legislation provides the necessary framework to integrate Bitcoin into the state’s financial strategy. He highlighted Bitcoin’s potential to safeguard public funds against the devaluation of the US dollar, citing its ability to preserve value and supplement the state’s investment portfolio.
“He wrote:
“This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our state finances. As the US dollar undergoes devaluation, Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value.”
The initiative is supported by many people outside of the legislature. Andrew Burchwell expressed his enthusiasm about the proposal. He noted that the legislation would enable the Ohio Treasurer to establish and manage a Bitcoin reserve fund, further strengthening the state’s commitment to innovation.
Burchwell pledged to collaborate with lawmakers and state officials in 2025 to ensure the proposal’s successful implementation.
Global Trends
Merrin’s proposal emerges amidst growing interest in Bitcoin reserves at both state and national levels.
Other states, including Texas and Pennsylvania, have recently begun exploring similar initiatives, citing the need for alternative assets to hedge against economic uncertainties like inflation and currency devaluation.
Brazil, Russia, Poland, and other countries have all expressed an interest in creating their own national Bitcoin reserve. Japan’s and Hong Kong’s lawmakers have called on their governments to invest in Bitcoin.
Meanwhile, these efforts coincide with Bitcoin’s recent price surge to a new all-time high of $108,263 on Dec. 17, according to CryptoSlate’s data.
Posted In: Bitcoin, US, Adoption, Crypto, Featured, Legislation The Author 
Oluwapelumi Adejumo
Oluwapelumi is a believer in Bitcoin. He gives insights into a variety of topics, including DeFi hacks, culture and mining, while highlighting its transformative potential.
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Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam Wright, Editor-in Chief at CryptoSlate is also the host of SlateCast. He thinks that technology decentralized has the ability to create positive and widespread change.
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