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Bitcoin state reserve: the bill also proposed in Ohio
By Davide Grammatica
Trump's proposed creation of a national Bitcoin reserve is welcomed by individual U.S. governors: now it's Ohio's turn
Ohio also looks at Bitcoin as state reserve
Several U.S. governors seem to have taken Donald Trump ‘s campaign words very seriously. The reference goes to the proposal for the creation of a state-backed Bitcoin reserve, which has turned into several bills in recent weeks.
We had talked, immediately after the U.S. election, about Pennsylvania ‘s proposal to introduce BTC among the constituent assets of its state reserves. Just last week it was the turn of Texas, which presented the same idea on the initiative of John Capriglione, Republican representative. And today it is Ohio’s turn, which through Governor Derek Merrin joins the ranks of states pushing to make BTC a national reserve.
“As the U.S. dollar undergoes devaluation, BTC provides a vehicle to enhance our state’s portfolio and preserve public funds from loss of value,” said Merrin, in an X post.
🚨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
The “state” demand for BTC
The “Ohio Bitcoin Reserve Act” was then introduced for the occasion to allow the state treasury to invest in BTC. “A strategic reserve fund in BTC is in line with the state’s commitment to promoting innovation in digital resources and providing Ohioans with greater financial security,” the bill reads.
In parallel, the Ohio administration itself is hoping for a top-down intervention by Gov. Trump to have Bitcoin sold adopted as a reserve at the federal level. It will be necessary, in this sense, to pay attention to the initiatives of Senator Cynthia Lummis, the most committed on this issue in recent times (her proposal for the U.S. is to get one million BTC within the next 5 years).
