Ohio Representative Derek Merrin has introduced the Ohio Bitcoin Reserve Act (House Bill 703), a groundbreaking proposal to authorize the state treasury to invest public funds in Bitcoin (BTC).
The bill, which aims to establish a dedicated Bitcoin fund within Ohio’s treasury, would give the State Treasurer the discretion to allocate public funds into Bitcoin investments.
A New Era for Ohio’s Financial Strategy
Rep. Merrin emphasized the importance of Bitcoin as a hedge against inflation and the devaluation of the U.S. dollar.
“The U.S. Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation,” Merrin stated in a post on X (formerly Twitter).
Key Provisions of House Bill 703
- Treasurer’s Authority: The bill would amend section 2981.12 and add section 135.146 to Ohio’s Revised Code, empowering the State Treasurer to invest in Bitcoin.
- No Mandates: While it provides authority, the bill does not mandate specific Bitcoin purchase amounts or impose asset allocation targets.
- Preserving Financial Reserves: Merrin highlighted Bitcoin’s potential to safeguard Ohio’s financial reserves against devaluation, ensuring stability and growth for public funds.
A Framework for Future Debate
Although the legislative session is nearing its conclusion, Merrin hopes the proposal will set the stage for broader discussions in 2025.
The bill aligns with a growing trend at both state and national levels to incorporate Bitcoin into public financial systems, marking a significant shift toward integrating digital assets into traditional finance.
Ohio Joins the Growing Bitcoin Movement
Ohio’s initiative follows similar moves in other states:
- Pennsylvania: In November 2024, Rep. Mike Cabell introduced the Pennsylvania Bitcoin Strategic Reserve Act, proposing up to 10% of the state’s treasury reserves be allocated to Bitcoin.
- Texas: On December 12, Rep. Giovanni Capriglione filed House Bill 1598, aiming to establish a state-controlled Bitcoin reserve and permit state agencies to accept Bitcoin for taxes and fees.
- Ohio’s Earlier Efforts: In October, Ohio State Senator Niraj Antani proposed legislation allowing residents to pay taxes and fees using Bitcoin and other cryptocurrencies.
These developments highlight a national trend of states leveraging Bitcoin as both a financial hedge and a tool for modernizing public payment systems.
Corporate Bitcoin Accumulation Surges
The move by Ohio comes as major corporations continue to expand their Bitcoin reserves:
- MicroStrategy: Recently acquired 15,350 BTC worth $1.6 billion, bringing its total holdings to 439,000 BTC (valued at over $46 billion).
- MARA Holdings: Purchased 11,774 BTC for $1.1 billion, funded through zero-coupon convertible notes.
- Riot Platforms: Announced plans to raise $500 million through a private bond offering to further bolster its Bitcoin reserves.
Conclusion: Ohio Takes Bold Steps Toward Bitcoin Adoption
The introduction of the Ohio Bitcoin Reserve Act marks a pivotal moment in integrating digital assets into public finance. By embracing Bitcoin, Ohio aims to future-proof its financial reserves while fostering innovation and growth.
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