Ohio introduces Bitcoin reserve bill allowing state to buy BTC

Ohio's House of Representatives has introduced a bill aimed at creating a Bitcoin (CRYPTO:BTC) reserve fund within the state treasury.

The bill, known as HB 703 or the Ohio Bitcoin Reserve Act, was presented by Republican lawmaker Derek Merrin on December 17.

The bill would give the state treasurer the authority to purchase Bitcoin as part of the state's asset allocation strategy, but it does not make this a requirement.

Merrin explained that the bill was introduced in response to the rapid devaluation of the U.S. Dollar, emphasising the need for flexibility in asset management.

"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,” he stated.

Merrin also expressed the importance of Ohio embracing technology to safeguard state tax dollars from potential loss in value.

The bill will not carry over into the next legislative session and must be reintroduced in the 136th General Assembly, which begins in January 2025.

Merrin hopes the bill will lay the groundwork for future legislative efforts to incorporate Bitcoin into Ohio’s financial system.

“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,” he noted.

Ohio joins Texas and Pennsylvania in exploring the possibility of Bitcoin as a reserve asset.

Texas and Pennsylvania have introduced similar bills, each proposing different approaches to incorporating Bitcoin into their state treasuries.

At the time of reporting, the price of Bitcoin (BTC) was $103,480.