On December 17, a bill titled HB 703 was introduced to the Ohio House of Representatives, aiming to establish a Bitcoin reserve. The proposal was announced by its author, Republican Derek Merrin.
?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 dollar is rapidly losing value. The state treasury must have the authority and flexibility to invest in Bitcoin. […] Ohio needs to embrace technology and protect taxpayers’ money from erosion,” the politician noted.
The bill allows state authorities to acquire the leading cryptocurrency but does not mandate its purchase.
Merrin anticipates that the Trump administration will implement a national Bitcoin reserve project similar to the proposal by Senator Cynthia Lummis.
He also highlighted similar initiatives in Texas and Pennsylvania.
HB 703 will not be processed during the current 135th session of the House of Representatives, which closes on December 31. Instead, the document will be reintroduced after January 6, 2025.
According to Merrin, this will expedite the processing of HB 703 next year.
Dan Morehead, head of the investment firm Pantera Capital, shared Merrin’s expectations regarding a federal Bitcoin reserve.
“The US has no other currency. They hold $600 billion in gold—a staggering amount. This is equivalent to 11 million years of American workers’ wages, so it’s a bit crazy,” Morehead noted.
Earlier in December, the European Parliament called for the creation of its own Bitcoin reserve.