In December 2024, a new bill was proposed in Ohio allowing the state to consider Bitcoin as an element of its investment portfolio. The bill, known as the Ohio Bitcoin Reserve Act (HB 703), proposes the establishment of a Bitcoin fund within the state's treasury.
What is the Ohio Bitcoin Reserve Act?
Introduced in December 2024, the Ohio Bitcoin Reserve Act grants the state treasurer the authority to purchase Bitcoin as part of Ohio's asset allocation strategy. While the bill does not mandate specific Bitcoin purchases, it provides flexibility for the state to consider Bitcoin as a part of its portfolio.
Provisions and Potential Impact of the Bill
The bill amends sections of Ohio’s Revised Code to create a dedicated Bitcoin fund within the state treasury. This gives the State Treasurer discretionary power, allowing decisions on Bitcoin investments as part of the financial strategy.
A Growing Trend Across the U.S.
Ohio’s Bitcoin reserve program is part of a broader trend among U.S. states. Pennsylvania introduced the Bitcoin Strategic Reserve Act in November 2024, with Texas following in December with a strategic Bitcoin reserve proposal.
If passed, the bill could see Ohio utilizing Bitcoin as an alternative asset class, strengthening its financial position and safeguarding against inflationary pressures.
