Crypto news updates:

Ohio Lawmaker Proposes State-Backed Bitcoin Reserve to Safeguard Public Funds

Ohio State Representative Derek Merrin has introduced the Ohio Bitcoin Reserve Act, a bill aiming to establish a state-backed Bitcoin reserve.

The proposed legislation would allow Ohio to invest surplus funds in Bitcoin as a hedge against the devaluation of the US Dollar.

Merrin emphasized the importance of Bitcoin in preserving the value of public funds, stating it provides a robust supplement to traditional investment portfolios amid inflationary pressures.

The proposal mirrors growing state-level interest in Bitcoin, with Texas and Pennsylvania pursuing similar initiatives.

It also aligns with broader Republican strategies, including President-elect Donald Trump’s expected push for a national Bitcoin reserve and Senator Cynthia Lummis’ draft bill advocating for 1 million BTC purchases over five years.

Bitcoin’s impressive 155% growth this year — spurred by a 50% post-election surge — strengthens its appeal as a strategic asset.