Ohio lawmaker introduces Bitcoin reserve bill allowing the state to purchase BTC

Ohio lawmaker Derek Merrin has proposed Bill 703, also known as the "Ohio Bitcoin Reserve Act," allowing the state treasury to invest public funds in Bitcoin. This bill will create a separate Bitcoin fund and empower the Treasurer to purchase Bitcoin, aiming to protect taxpayers' money from devaluation due to the rapidly depreciating USD. The bill does not mandate the purchase of Bitcoin or any specific portfolio allocation but merely creates flexibility for the state government in diversifying its investment portfolio. Merrin hopes the bill will be considered in the 2025 legislative session. This comes amid similar proposals being considered in other states in the U.S., such as Pennsylvania and Texas. In Texas, the proposed bill establishes a strategic Bitcoin reserve fund, allowing tax collection, fees, and donations in Bitcoin. Pennsylvania has also passed a bill allowing the state treasury to hold Bitcoin as a strategic reserve asset, aimed at combating inflation and diversifying the investment portfolio. These proposals have emerged amid a strong surge in Bitcoin prices following rumors that the U.S. will have a Bitcoin reserve.