Republican leader Derek Merrin of Ohio has introduced a bill to establish a Bitcoin reserve within the state's treasury. This move positions Ohio as the third state in the U.S. to propose such a measure.
The Ohio Bitcoin Reserve Act
Introduced in December 2024, this bill aims to authorize the state's treasurer to establish a Bitcoin reserve. The goal is to protect Ohio's financial health amidst the devaluation of the U.S. Dollar.
The Bill's Provisions and Potential Impact
The bill amends Ohio's Revised Code to create a Bitcoin fund within the state treasury. It grants the State Treasurer discretionary power to decide on Bitcoin investment, allowing Ohio to strengthen its financial portfolio and guard public funds from inflation.
A Growing Trend Across the U.S.
Ohio joins Pennsylvania and Texas in considering Bitcoin a strategic asset. These initiatives may lead to increased corporate adoption of digital assets and strengthen Bitcoin's position in the financial system.
Incorporating Bitcoin into state reserves could not only enhance Ohio's fiscal position but also aid in the broader acceptance of digital assets globally.