Following Pennsylvania and Texas, Ohio unveils its proposal to establish a state Bitcoin reserve.
On December 17, Ohio State Representative Derek Merrin introduced a bill titled the “Ohio Bitcoin Reserve Act” (HB 703), aimed at creating a state Bitcoin reserve.
Through his X account, Merrin stated:
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value.”
The proposed legislation outlines the creation of a Bitcoin reserve fund within the state treasury, authorizing the state treasurer to allocate a portion of Ohio’s resources into Bitcoin.
Ohio’s initiative is part of a broader trend involving multiple U.S. states. Texas and Pennsylvania have recently proposed similar measures, while at the federal level, Republican Senator Cynthia Lummis has drafted a bill calling for the purchase of 1 million bitcoins over five years.
“A strategic bitcoin reserve fund aligns with the state’s commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill’s text states.
