Ohio State Representative Derek Merrin introduced the Ohio Bitcoin Reserve Act. The bill aims to establish a Bitcoin fund and authorize state treasurers to purchase Bitcoin as needed, leveraging the potential of Bitcoin to protect the fiscal stability of the state government and address the risks posed by the devaluation of the dollar. (Background: It is difficult for the U.S. to establish a Bitcoin reserve! Experts: The Federal Reserve is currently losing $1 billion a week and has no money to buy BTC) (Additional background: Former New York Federal Reserve President: Establishing a Bitcoin reserve in the U.S. is not good for the government or for those who do not hold BTC.) Yesterday, U.S. Ohio State Representative Derek Merrin introduced the Ohio Bitcoin Reserve Act (House Bill 703), which would allow the state treasury to establish a Bitcoin fund and authorize state treasurers to purchase Bitcoin, but it does not mandate such action. Representative Merrin pointed out: "The speed of the dollar's devaluation is accelerating, and state treasurers should have enough authority and flexibility to include Bitcoin in asset allocation to protect tax revenue. Ohio must embrace emerging technology to avoid further devaluation of fiscal funds." State Bitcoin reserves Merrin anticipates that with the incoming Trump administration, there may be a push to establish a national-level Bitcoin reserve, similar to the proposal by Republican Senator Cynthia Lummis from Wyoming, aimed at improving the financial situation of the U.S. States like Texas and Pennsylvania have also proposed similar bills to establish state-level Bitcoin reserves. Merrin emphasized: "Bitcoin is revolutionizing the global financial system and will reshape the world economy. We need a sound currency, and Bitcoin acts as digital property rights for every holder. This legislation provides a framework for the Ohio government to utilize Bitcoin, aiding in strengthening our state's financial situation." Andrew Burchwell, Executive Director of the Ohio Blockchain Association, stated: Governments around the world, including the U.S. federal government, as well as states like Texas, Pennsylvania, and Florida, are considering Bitcoin as a strategic reserve asset. I commend Representative Merrin for introducing this legislation, ensuring that Ohio remains at the forefront of innovation and technology. I look forward to collaborating with the state legislature in 2025 to ensure Ohio can fully seize this opportunity. Merrin's X-related reports: It is difficult for the U.S. to establish a Bitcoin reserve! Experts: The Federal Reserve is currently losing $1 billion a week and has no money to buy BTC. Former New York Federal Reserve President: Establishing a Bitcoin reserve in the U.S. is not good for the government or for those who do not hold BTC. Trump nominated Bentsen for U.S. Secretary of the Treasury; what is his stance on cryptocurrencies and support for Bitcoin reserves? "U.S. Ohio State Representative introduces Bitcoin Reserve Act: The speed of the dollar's devaluation is accelerating, and BTC is needed to protect tax revenue" This article was first published on BlockTempo (BlockTempo - the most influential blockchain news media).

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