Nikolas Sargeant
Ohio State Representative Derek Merrin has introduced a new bill, HB 703, which seeks to establish a state-backed bitcoin reserve within the Ohio state treasury. The proposed Ohio Bitcoin Reserve Act would authorize the state treasurer to invest public funds in Bitcoin, aiming to protect the state's finances from the ongoing devaluation of the U.S. dollar.
In his X post, Merrin argued that bitcoin offers a valuable tool to safeguard public funds, stating, "As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value." The bill emphasizes Ohio's commitment to fostering innovation in digital assets and enhancing financial security for its residents.
In this year’s November elections, a crypto-friendly Bernie Moreno won the Ohio seat in the national Senate Chamber, unseating incumbent Sherod Brown.
National Context
Bitcoin’s price has surged this year, rising by 155% to all time highs over $100k, reflecting the increasing adoption of the cryptocurrency amid a broader push for state and national reserves.
The proposal follows a growing trend among U.S. lawmakers, with other states like Texas and Pennsylvania also considering the creation of bitcoin reserves. Merrin also pointed to the potential for a national bitcoin reserve under the incoming administration of President-elect Donald Trump, who has signaled support for bitcoin. Republican Senator Cynthia Lummis has also introduced a draft bill aiming for the U.S. to purchase 1 million BTC within five years.
