State Representative Brett Merrin has introduced legislation in Ohio that would allow the state treasurer to invest in Bitcoin. The "Ohio Bitcoin Reserve Act" aims to diversify the state's investment portfolio and protect its finances from the devaluation of the U.S. dollar.
The bill, which would amend existing state law, grants the state treasurer discretion over Bitcoin investments, without mandating specific purchase amounts or portfolio allocations.
"This bill provides a framework for Ohio to integrate Bitcoin into its economic strategies," stated Representative Merrin. "By positioning Bitcoin as a financial buffer and an instrument to stimulate innovation, we can safeguard the state's financial future and drive technological development."
While the current legislative session is nearing its end, Representative Merrin anticipates significant attention for the proposal during the 2025 legislative session.
Growing Trend in U.S. States
The Ohio Bitcoin Reserve Act follows similar legislation passed in Texas and Pennsylvania, suggesting a growing interest among U.S. states in exploring cryptocurrency investments.
Furthermore, Representative Merrin referenced the possibility of a federal Bitcoin reserve program under a potential Trump administration, drawing attention to the growing momentum around cryptocurrency adoption at both the state and federal levels.
December 2024, Cryptoniteuae