Ohio Seeks to Pioneer Bitcoin Investment with New Legislation
Ohio State Representative Derek Merrin has introduced groundbreaking legislation aimed at positioning Ohio as a leader in integrating cryptocurrency into state financial strategies. The proposed Ohio Bitcoin Reserve Act (House Bill 703) seeks to authorize the state treasury to invest public funds in Bitcoin, marking a significant step toward embracing digital assets at the government level.
The bill outlines the creation of a dedicated Bitcoin fund within the state treasury, granting the State Treasurer the discretion to incorporate Bitcoin into Ohio's portfolio. "The U.S. Dollar is losing value at an alarming rate, and it's imperative that our treasury has the tools to safeguard public funds," Merrin shared in a statement on X (formerly Twitter). "Bitcoin offers Ohio an opportunity to embrace innovation and shield tax dollars from erosion."
While the legislation does not mandate specific Bitcoin investments, it amends sections of Ohio's Revised Code to pave the way for its adoption as part of the state's financial strategy. Merrin emphasized that Bitcoin could serve as a hedge against inflation and a means to preserve the value of state reserves.
Merrin also hinted at a broader national trend, citing expectations for the upcoming Trump administration to consider a federal Bitcoin reserve, an idea championed by Senator Cynthia Lummis of Wyoming.
A Growing Trend in State-Level Bitcoin Adoption
Ohio joins a rising number of states introducing Bitcoin-focused legislation. In November 2024, Pennsylvania Representative Mike Cabell proposed the Pennsylvania Bitcoin Strategic Reserve Act, advocating for up to 10% of treasury reserves to be allocated to Bitcoin. Similarly, Texas Representative Giovanni Capriglione filed House Bill 1598 in December, which aims to create a state-funded Bitcoin reserve and authorize state agencies to accept Bitcoin for payments.
Ohio has also seen other cryptocurrency initiatives, including a bill by State Senator Niraj Antani proposing that the state accept Bitcoin and other cryptocurrencies for tax and fee payments.
Looking Ahead
Although the current legislative session is winding down, Merrin views the Ohio Bitcoin Reserve Act as a starting point for more robust discussions in the 2025 session. If passed, the bill could establish Ohio as a trailblazer in using Bitcoin to enhance fiscal stability, offering a blueprint for other states to follow.
As state governments increasingly explore Bitcoin's potential, Ohio’s initiative underscores the growing recognition of cryptocurrency as a tool to future-proof public finances.