An Ohio House Representative, Derek Merrin, has tabled a bill to introduce a Bitcoin reserve to the state’s treasury. The bill which is titled “Ohio Bitcoin Reserve Act,” will allow the state to purchase and hold Bitcoin.
Derek took to his social media to post about the bill. He cited, “I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!”
🚨Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!
Provides state treasurer authority & flexibility to invest in #Bitcoin
This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd
— Derek Merrin (@DerekMerrin) December 17, 2024
Derek argues that the Ohio state can strengthen its finances by investing in Bitcoin. Bitcoin can come in handy in protecting the Ohio state’s funds against inflation.
Other US States On their Way to A Bitcoin Reserve
With this recent move, Ohio has become the third US state to consider having a Bitcoin reserve. As reported by Forbes, Pennsylvania introduced its BTC reserve bill mid last month. The bill, which was introduced by Mike Cabell and Aaron Kaufer on Nov.14, 2024, will allow Pennsylvania to allocate up to 10% of the state’s funds to buying Bitcoin. Additionally, Pennsylvania recently approved Bill 2481, titled “Bitcoin Rights.”
The Texas House of Representatives took a bold move to introduce a Bitcoin reserve bill. The bill will allow Texas to accept fees, taxes, and donations in Bitcoin. As filed by Texas State Rep Giovanni Capriglione, Bitcoin will help Texas strengthen its fiscal stability.
Strategic Bitcoin Reserve Adoption
In July this year Donald Trump promised to put up a strategic BTC reserve. Trump has further echoed his BTC reserve plan after his re-election, a move that has contributed to the recent surge in BTC’s price.
Trump, who is taking up office in January, might have the US sell some of its gold reserves to buy Bitcoin. Senator Cynthia Lummis is also in strong support for the idea of selling gold to buy BTC. Lummis recently stated that 2025 is the year for Bitcoin and other digital assets.
Conclusion
Ohio has now joined in on the race to set up a strategic Bitcoin reserve. Also, there is an ongoing debate about governments adopting Bitcoin at state or national level. In support of Donald Trump we could see more states in the US file to have a strategic BTC reserve soon.
