Ohio Introduces Bill to Include Bitcoin in Treasury Reserve

user avatar

by Giorgi Kostiuk

2 years ago

Ohio House Republican leader Derek Merrin introduced a bill to establish a Bitcoin fund in the state's treasury, making Ohio the third U.S. state to propose such a move in just over a month.

Ohio Initiative

The bill, HB 703, called the Ohio Bitcoin Reserve Act, would give the state treasurer the authority to purchase Bitcoin as part of the state’s asset allocation strategy, though it wouldn’t require it. Merrin emphasized the need for Ohio to embrace Bitcoin as a safeguard against the rapidly devaluing U.S. dollar.

Ohio must embrace technology and protect tax dollars from eroding.Derek Merrin

Previous Initiatives

This bill follows similar actions in Texas and Pennsylvania. Texas House Rep. Giovanni Capriglione recently proposed the Texas Strategic Bitcoin Reserve Act, proposing Bitcoin as a reserve asset for the state. In Pennsylvania, Rep. Mike Cabell proposed allowing the state’s treasury to hold up to 10% in Bitcoin to hedge against economic instability.

Potential Impact on Finances

Merrin, a vocal supporter of crypto, believes that Bitcoin’s potential to revolutionize finance could strengthen Ohio’s finances. He stated the importance of having 'sound money,' describing it as 'digital property rights for everyone who owns it.' With the growing momentum behind state-level Bitcoin reserves, the U.S. may be seeing a shift in how governments approach digital currencies.

As more states push forward with Bitcoin reserve legislation, it's clear that the governmental stance towards digital currencies might be shifting. The Ohio bill could become a significant part of future discussions on the role of Bitcoin in state economies.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

SEC Provides Regulatory Clarity for Canton Coin

The SEC classifies Canton Coin as a digital commodity, providing regulatory clarity for its issuance and distribution model.

user avatarFilippo Romano

Bitbase Launches ORIGIN Points Program to Reward User Engagement

Bitbase has launched the ORIGIN Points program to reward user engagement over 26 weeks, distributing 1,000,000 points weekly starting November 4, 2026.

user avatarEmily Carter

Bitbase Launches ORIGIN Points Program to Reward User Participation

Bitbase has introduced ORIGIN, a new points program rewarding user participation over six months.

user avatarTomas Novak

Political Changes Prompt Scrutiny of AI Infrastructure and Energy Consumption

Political changes following the 2026 US midterm elections have led to increased scrutiny of AI infrastructure spending and its environmental impacts, particularly in Texas.

user avatarKaterina Papadopoulou

Elon Musk Proposes Orbital Data Centers Amid Political Changes

Elon Musk suggests moving AI data centers into space due to political changes affecting energy consumption and infrastructure.

user avatarMaya Lundqvist

Crypto Faces Setback in Ohio Election

Crypto-aligned political groups faced a major setback in Ohio as Democrat Sherrod Brown won against Republican Jon Husted despite significant spending.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.