Ohio State Representative Derek Merrin has introduced House Bill 703, also known as the Ohio Bitcoin Reserve Act, to allow the state treasury to invest public funds in Bitcoin. Merrin believes that the devaluation of the U.S. Dollar necessitates the state treasurer's ability to invest in Bitcoin for asset allocation. The bill does not specify Bitcoin purchases but aims to protect public funds from losing value. Merrin anticipates that the Trump administration may implement a national Bitcoin reserve program, similar to a proposal by Senator Cynthia Lummis of Wyoming. This legislation is part of a trend among U.S. State Representatives, with Pennsylvania and Texas also considering similar bills. Ohio is also exploring accepting Bitcoin for tax payments. The bill is expected to be discussed further in the 2025 legislative session. Read more AI-generated news on: https://app.chaingpt.org/news

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