Ohio State Representative Derek Merrin has introduced a bill to allow the state treasurer to invest public funds in Bitcoin. The Ohio Bitcoin Reserve Act aims to position Bitcoin as a strategic reserve asset to preserve state funds' value and supplement the existing financial framework. While not mandating Bitcoin purchases, the bill grants the State Treasurer flexibility in asset allocation decisions. Merrin cites the US dollar's devaluation and Bitcoin's growing adoption as a reserve asset globally as reasons for the proposal.
Ohio State Representative Derek Merrin has introduced House Bill 703, known as the Ohio Bitcoin Reserve Act, in a bid to authorize the state treasurer to invest public funds in BTC.
The latest initiative is announced as part of Merrin’s broader vision to leverage innovative financial solutions. The legislation provides the framework for Ohio to incorporate Bitcoin into its state treasury portfolio.Merrin highlighted concerns about the ongoing devaluation of the US dollar, positioning Bitcoin as a strategic reserve asset to preserve state funds’ value and supplement the existing financial framework.
The bill also anticipates further federal-level efforts, referencing potential proposals from lawmakers like Senator Cynthia Lummis to establish a national Bitcoin reserve under the incoming administration. Supporters like Andrew Burchwell, Executive Director of the Ohio Blockchain Council, also highlighted Bitcoin’s increasing adoption as a reserve asset globally, praising the legislation for positioning Ohio as a leader in this movement.Merrin’s proposal to create a Bitcoin reserve positions Ohio alongside other states pursuing similar initiatives.the “Pennsylvania Bitcoin Strategic Reserve Act” in November.
a strategic Bitcoin reserve account funded entirely through donations. Unlike Pennsylvania’s approach, the assets in Texas’s reserve would be held for up to five years.What Is Sui Network : The Ultimate Guide in 2024One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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