$BTC Ohio Representative files bill to create strategic Bitcoin Reserve for the state.

Ohio Proposes Bill to Establish Strategic Bitcoin Reserve

Ohio is making strides toward adopting digital financial technology by introducing a bill that would allow the state to hold a strategic Bitcoin reserve. Known as the Ohio Bitcoin Reserve Act, the proposal was introduced by State Representative Derek Merrin through House Bill 703.

Purpose of the Bitcoin Reserve

The bill aims to authorize the Ohio State Treasurer to invest a portion of the state’s funds in Bitcoin. While it does not mandate such investments, it provides an opportunity to safeguard public funds against value erosion.

Merrin highlighted the importance of this initiative, citing the ongoing devaluation of the U.S. dollar. He argued that Bitcoin, as a decentralized digital asset, could help protect tax revenues from losing purchasing power. “Ohio must embrace technology and protect tax dollars from eroding,” Merrin stated.

A Strategic Move for Financial Stability

The proposal reflects a growing trend across the United States, where digital assets are being explored as tools for enhancing financial stability. Similar initiatives have been introduced in other states, such as Texas and Pennsylvania, aiming to establish Bitcoin reserves at the state level.

If passed, Ohio would become a pioneer in leveraging cryptocurrency for strategic purposes in government operations, showcasing how blockchain technology can be integrated into public financial systems.

Challenges and Legislative Process

One key challenge is time. Ohio’s legislative session is set to adjourn on December 31, 2024. If the bill is not passed by then, Merrin plans to reintroduce the proposal during the 136th General Assembly, which begins on January 6, 2025.

“This initiative aims to pave the way for legislators to address it quickly next year,” Merrin added.