Ohio Looks at Bitcoin as State Reserve, Joins Ranks of States Pushing to Make BTC a National Reserve

Several U.S. governors seem to have taken Donald Trump ‘s campaign words very seriously. The reference goes to the proposal for the creation of a state-backed Bitcoin reserve, which has turned into several bills in recent weeks.

Several U.S. governors appear to have taken Donald Trump's campaign words to heart. We're talking about the proposal to create a state-backed Bitcoin reserve, which has materialized into several bills in recent weeks.

We reported on Pennsylvania's proposal to include BTC in its state reserves right after the U.S. election. Last week, Texas unveiled a similar plan at the behest of John Capriglione, a Republican representative. Now, Ohio joins the fray as Governor Derek Merrin proposes to make BTC a state reserve.

“As the U.S. dollar undergoes devaluation, BTC provides a vehicle to enhance our state’s portfolio and preserve public funds from loss of value,” Merrin stated in a Twitter post.

🚨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

State demand for BTC

The "Ohio Bitcoin Reserve Act" was introduced on this occasion to allow the state treasury to invest in BTC. “A strategic reserve fund in BTC aligns with the state's commitment to advancing innovation in digital assets and providing Ohioans with greater financial security,” the bill states.

At the same time, the Ohio administration is hoping for a top-down intervention by Governor Trump to have Bitcoin adopted as a reserve at the federal level. In this regard, it will be crucial to follow the initiatives of Senator Cynthia Lummis, who has been the most engaged on this issue recently (her proposal for the U.S. is to acquire one million BTC within the next five years).