Ohio State Representative Introduces Bill for Bitcoin Reserve

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.

Ohio Bitcoin Reserve Act

HB 703, named the Ohio Bitcoin Reserve Act, aims to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim state funds 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 stated.

In a separate statement, the Republican lawmaker expressed anticipation for the incoming administration under Donald Trump to establish a national bitcoin reserve, additionally noting Republican Sen. Cynthia Lummis’ draft bill for the U.S. to purchase 1 million BTC in five years.

Representatives from other U.S. states, including Texas and Pennsylvania, have also recently advocated for building bitcoin reserves in their respective states.

Bitcoin has experienced significant gains this year, particularly following Trump's reelection as a crypto proponent. The world’s largest cryptocurrency rose 155% in the past year and is currently trading at $104,680 according to The Block’s bitcoin price page.