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Ohio Proposes Establishing a Bitcoin Reserve Fund: Opportunities to Protect Public Assets from Depreciation
Ohio is becoming the focal point of attention in the cryptocurrency community with Representative Derek Merrin introducing Bill 703 – also known as the Ohio Bitcoin Reserve Act. This bill proposes establishing a fund $BTC in the state treasury while empowering the state treasurer to independently decide on Bitcoin investments.
Bitcoin: Protecting Public Assets Against Inflation
According to Representative Derek Merrin, the USD is rapidly depreciating, causing public assets to lose value. Bitcoin is seen as a potential solution to protect this capital. He stated on platform X (formerly Twitter):
Bitcoin: Protecting Public Assets Against Inflation
According to Representative Derek Merrin, the USD is rapidly depreciating, causing public assets to lose value. Bitcoin is seen as a potential solution to protect this capital. He stated on platform X (formerly Twitter):
Ohio lawmaker proposes bill to create a state-backed bitcoin reserve
Ohio lawmaker proposes bill to create a state-backed bitcoin reserve
Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value,” Merrin wrote in his X post.
HB 703, named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.
“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.
In a separate statement, the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.
Representatives from other U.S. states, including Texas and Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.
Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President.
The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page.
#Ohio #OhioState #Bitcoin #cryptomarket #CryptoNews
Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value,” Merrin wrote in his X post.
HB 703, named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.
“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.
In a separate statement, the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.
Representatives from other U.S. states, including Texas and Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.
Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President.
The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page.
#Ohio #OhioState #Bitcoin #cryptomarket #CryptoNews
Ohio lawmaker proposes bill to create a state-backed bitcoin reserve
Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value,” Merrin wrote in his X post.
HB 703, named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.
“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.
In a separate statement, the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.
Representatives from other U.S. states, including Texas and Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.
Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President.
The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page.
#Ohio #OhioState #Bitcoin #cryptomarket #CryptoNews
Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value,” Merrin wrote in his X post.
HB 703, named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.
“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.
In a separate statement, the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.
Representatives from other U.S. states, including Texas and Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.
Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President.
The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page.
#Ohio #OhioState #Bitcoin #cryptomarket #CryptoNews
🚨Smoke rises from a JPMorgan Chase & Co. building following an explosion, in Youngstown, Ohio
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