Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Ohio lawmaker proposes bill to create a state-backed bitcoin reserve

Ohio lawmaker proposes bill to create a state-backed bitcoin reserve

The BlockThe Block2024/12/16 16:00
By:The Block

Quick Take Ohio State Representative Derek Merrin introduced a bill to create a bitcoin reserve within the state treasury. Several other state representatives have pushed for state bitcoin reserves, as U.S. president-elect Donald Trump looks to build a national strategic reserve of bitcoin.

Ohio lawmaker proposes bill to create a state-backed bitcoin reserve image 0

Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.

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

HB 703 , named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.

“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.

In a separate statement , the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.

Representatives from other U.S. states, including  Texas  and  Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.

Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President. The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page .


1

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

The Psychological Aspect of Cryptocurrency Trading: Why is Mindset So Important?

Psychological levels play a key role in cryptocurrency trading, as traders often make emotional decisions around integer price points, forming significant support and resistance zones, and the reactions at these levels can affect market volatility and price trends.

Chaincatcher2024/12/22 12:33

If the Bitcoin Reserve Act is passed, it may end the four-year cycle of rise and fall in cryptocurrency

The price trend of Bitcoin will no longer be so influenced by internal mechanisms such as halving, but more by external factors such as institutional adoption and geopolitical events.

Chaincatcher2024/12/22 12:33

Four top investors debate: The gains and losses of the 2024 cryptocurrency market and predictions for 2025

Review and Outlook of Robot Ventures, Dragonfly, and Superstate, BTC may reach $180,000 by 2025.

Chaincatcher2024/12/22 12:33