Ohio lawmaker introduces Bitcoin reserve bill allowing state to buy BTC
Summary
An Ohio House lawmaker has introduced HB 703, the Ohio Bitcoin Reserve Act, allowing the state treasurer to purchase Bitcoin as part of asset allocation. The bill aims to address the devaluation of the U.S. Dollar and protect tax dollars. It will be reintroduced in the 136th General Assembly starting January 6, 2025, as it will not carry over from the current session. The bill's proponent, Derek Merrin, emphasizes Bitcoin's potential to revolutionize finance and strengthen state finances. Similar legislation has been introduced in Texas and Pennsylvania, proposing state reserves in Bitcoin to provide economic stability.
