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Ohio joins states in exploring Bitcoin reserves to secure public funds

Ohio joins states in exploring Bitcoin reserves to secure public funds

GrafaGrafa2024/12/19 05:50
By:Mahathir Bayena

Ohio has introduced a legislative proposal to explore Bitcoin (CRYPTO:BTC) reserves, following the lead of Pennsylvania and Texas.

State Representative Derek Merrin introduced House Bill 703, known as the Ohio Bitcoin Reserve Act, aiming to authorise the state treasurer to invest public funds in Bitcoin.

The bill is part of Merrin’s broader effort to modernise Ohio’s financial strategies and safeguard state funds.

Merrin expressed concerns about the devaluation of the US dollar, positioning Bitcoin as a potential reserve asset to preserve the value of public funds.

While the bill doesn’t require the state to purchase Bitcoin, it grants the State Treasurer the authority to include Bitcoin in the state’s asset allocation strategy.

Bitcoin is revolutionising finance and will reshape world economies. We must have sound money – it’s like digital property rights for everyone who owns it. This legislation sets up the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our state finances,” Merrin said.

The bill also anticipates potential federal-level actions, such as proposals from lawmakers like Senator Cynthia Lummis to establish a national Bitcoin reserve under a new administration.

Andrew Burchwell, Executive Director of the Ohio Blockchain Council, praised the legislation, noting Bitcoin’s growing use as a global reserve asset and positioning Ohio as a leader in this shift.

Ohio now joins Pennsylvania and Texas in exploring Bitcoin reserves.

In Pennsylvania, Reps. Mike Cabell and Aaron Kaufer introduced the “Pennsylvania Bitcoin Strategic Reserve Act,” which allows the state to allocate up to 10% of its $7 billion fund into Bitcoin.

Texas, on the other hand, introduced House Bill 1598 to establish a Bitcoin reserve funded by donations, with the assets held for up to five years.

At the time of reporting, the price of Bitcoin (BTC) was $99,323.99.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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