🌎 Ohio Proposes Bitcoin Investment Legislation

Ohio Proposes Legislation to Incorporate Bitcoin into State Financial Plan

A proposed legislation in Ohio aims to integrate Bitcoin (BTC) into the state’s financial plan. Introduced by Derek Merrin, the Leader of the Ohio House Republicans, House Bill 703 would enable the state treasurer to invest in Bitcoin and create an “Ohio Bitcoin Reserve” within the state treasury.

Protecting Public Funds with Bitcoin

Derek Merrin announced the introduction of the bill on X, stating that the incorporation of Bitcoin into the state’s investment portfolio could help hedge against the slow erosion of the purchasing power of the U.S. dollar. This move aims to retain the value of public funds across generations.

“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…”

If passed, the proposed law would position Ohio as a leader in government crypto adoption, granting the treasurer the authority and flexibility to invest in Bitcoin. Advocates argue that including Bitcoin in state reserves would enhance a state’s financial strength and push forward more corporate adoption for digital assets.

Improving Ohio’s Financial Solvency

Ohio’s public debt stood at $72.16 billion in 2022, primarily consisting of general obligation bonds and special obligation bonds issued to fund infrastructure projects, education, and other public projects. By adding Bitcoin to its treasury reserves, Ohio would likely improve its long-term financial solvency. This strategy could ultimately brighten Ohio’s fiscal picture, easing the pressure to raise taxes or cut services.

Key benefits of incorporating Bitcoin into Ohio’s financial plan include: