Ohio State Representative Proposes 'State-level BTC Reserve' to Counter Dollar Depreciation

Ohio House Representative Derek Merrin proposed a new bill on Tuesday, following in the footsteps of Texas and Pennsylvania, suggesting the establishment of a state-supported BTC reserve to provide more protection for public funds.

Derek Merrin said in a post on social platform X, ‘As the US dollar continues to depreciate, BTC provides an alternative option for our state’s investment portfolio, effectively preventing public funds from shrinking due to inflation.’

Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!

Provides state treasurer authority & flexibility to invest in #Bitcoin

This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd

— Derek Merrin (@DerekMerrin) December 17, 2024

The proposal, known as the “Ohio BTC Reserve Bill” (HB 703), suggests that the state government establish an exclusive ‘BTC reserve fund’ and authorize the state treasurer to use the state’s short-term funds to invest in BTC to ensure the potential for asset appreciation and fiscal stability.

The bill states: ‘Establishing a strategic BTC reserve fund not only aligns with the state’s direction in digital asset innovation, but also provides financial security for Ohio residents.’

In his statement, Derek Merrin mentioned that he expects the new government under Donald Trump to promote the establishment of a “national BTC reserve”. He also mentioned that Senator Cynthia Lummis of Wyoming has proposed a similar bill, suggesting that the United States purchase 1 million BTC as a national reserve over the next 5 years.

It is worth noting that, in addition to Ohio, lawmakers in Texas and Pennsylvania have also recently proposed relevant bills to promote the establishment of BTC reserves in their respective states.

With the re-election of Trump, who supports cryptocurrencies, Bitcoin has shown an astonishing rise this year. According to the market data from Coingecko, BTC has surged by over 150% in the past year, but the trend is relatively weak today (18th), dropping by 2.6% to $103,700.

<Resist the depreciation of the US dollar! Ohio lawmakers propose to create a ‘state-level BTC reserve’> This article was first published in ‘Block Journal’.