In December 2024, Ohio proposed a bill to create a Bitcoin reserve, granting the state treasurer authority to invest in Bitcoin.
The Ohio Bitcoin Reserve Act
The Ohio Bitcoin Reserve Act (HB 703) aims to give the state treasurer authority to purchase Bitcoin as part of Ohio's asset allocation strategy. The bill does not mandate specific Bitcoin purchases but allows flexibility to consider Bitcoin in the investment portfolio.
The Bill's Provisions and Potential Impact
The bill amends sections of Ohio’s Revised Code to create a dedicated Bitcoin fund within the state treasury. It grants the State Treasurer discretionary power to decide if and when to invest in Bitcoin as part of the state's financial strategy. This flexibility could help Ohio strengthen its financial portfolio.
A Growing Trend Across the U.S.
Ohio's example is part of a larger movement within the U.S., with other states also considering adding Bitcoin to their reserves. In November 2024, Pennsylvania introduced a Strategic Bitcoin Reserve Act, and in December, Texas joined the movement.
Should the bill pass, it could strengthen Ohio's financial strategy and improve its fiscal position by providing an alternative asset class for state reserves.
