Ohio lawmakers are considering a groundbreaking proposal to incorporate Bitcoin into the state’s financial strategy. House Bill 703, introduced by Derek Merrin, the leader of the Ohio House Republicans and former mayor of Waterville, seeks to grant the state treasurer the authority to invest in Bitcoin, with the goal of establishing an “Ohio Bitcoin Reserve” within the state treasury.
Merrin announced the bill this week on social media, explaining that the move is aimed at mitigating the gradual erosion of the U.S. dollar’s purchasing power. By including Bitcoin in Ohio’s investment portfolio, the state could safeguard public funds and preserve their value for future generations.
If the bill passes, Ohio would become a leader in government adoption of cryptocurrency, offering the treasurer flexibility to manage state funds through Bitcoin investments. Proponents, such as Senator Cynthia Lummis, argue that with Bitcoin gaining traction as a payment method among major corporations and government agencies, adding it to state reserves would strengthen Ohio’s financial position. Matthew Sigel, head of Digital Assets Research at VanEck, further emphasized that the move could accelerate corporate adoption of digital assets and bolster Bitcoin’s role in the global financial system.
In 2022, Ohio faced a public debt of $72.16 billion, primarily due to general and special obligation bonds for infrastructure and public projects. By diversifying its reserves to include Bitcoin, Ohio could improve its long-term fiscal stability, potentially reducing the pressure to raise taxes or cut services, and positioning the state to better manage its financial obligations.
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