Ohio lawmaker pushes for state-backed Bitcoin reserve

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Cryptobriefing2024/12/19 12:00

By:Cryptobriefing

Key Takeaways

Ohio is considering a Bitcoin reserve to hedge against the dollar's devaluation.
Similar state-level initiatives for Bitcoin reserves are underway in Texas and Pennsylvania.

Ohio State Representative Derek Merrin has introduced legislation to create a state-backed Bitcoin reserve. The proposal involves investing surplus funds in Bitcoin as a hedge against dollar devaluation.

The bill, known as the Ohio Bitcoin Reserve Act, would authorize the state treasurer to invest in Bitcoin as part of Ohio’s investment portfolio.

“As the US dollar undergoes devaluation, Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value,” Merrin stated in his X post.

The proposal comes amid similar initiatives across the country, with Texas and Pennsylvania also pursuing state-level Bitcoin reserves.

The move aligns with Republican initiatives, including President-elect Donald Trump’s anticipated push for a national Bitcoin reserve and Senator Cynthia Lummis’ draft bill proposing US purchases of 1 million BTC over five years.

Bitcoin has gained 155% this year, including an over 50% surge since Trump won the election. At press time, Bitcoin is trading at $104,500.

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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