Ohio Rep. Steve Demetriou Wants to Turn Columbus into a Major Bitcoin Reserve Hub

His plan could boost crypto adoption, attract businesses, and bring more investment to the Midwest.

Ohio State Rep. Steve Demetriou is pushing to make Columbus a major Bitcoin reserve hub. His plan could boost crypto adoption, attract businesses, and bring more investment to the Midwest. Strong crypto policies may drive innovation, create jobs, and increase tax revenue, making Columbus a key player in the digital economy.

Demetriou is leading the effort to position Ohio as a frontrunner in digital asset adoption. His proposal, House Bill 47, would allow the state to invest up to 10% of its unused funds in Bitcoin. This move aims to strengthen Ohio’s financial future and bring innovation to public treasury management.

Ohio's Vision for Bitcoin Adoption

Demetriou believes that for Ohio to lead in digital finance, it must embrace cryptocurrencies. "We're not talking about anything other than Bitcoin. It has to have a market cap of at least $750 billion, and currently, the only cryptocurrency that qualifies is Bitcoin," he explained during a session of the House State and Local Government Modernization Committee.

His bill grants the state treasurer the authority—but not the obligation—to invest in these cryptocurrencies. The funds would come from the general revenue fund, the rainy-day fund, and the trust fund that covers lottery winnings.

The initiative also features strict guidelines to ensure responsible Bitcoin investment and safeguard against cyber risks. Investments must be held securely in multiple locations, with no smartphone access allowed to prevent cyber threats. Only cryptocurrencies that maintain a minimum market capitalization of $750 billion qualify, currently limiting the scope to Bitcoin.

A Growing Trend Among U.S. States

This push comes as 28 U.S. states have proposed similar Bitcoin reserve plans, with 18 actively moving through legislative stages this year. Of these, 15 reached the House of Representatives, showcasing broad-level support for the initiative.

However, some state proposals have hit roadblocks. For instance, a bill in Montana to create a Bitcoin reserve was tabled in March, while a similar measure in Wyoming stalled in February.

Despite these setbacks, the increasing support for Bitcoin in public funds underscores the growing belief that digital assets have a role to play in government financial strategies.

While the federal government is still debating whether to create a national crypto reserve, individual states are taking the initiative. Ohio's move could set a precedent, encouraging broader adoption of Bitcoin in public treasury strategies.

Bitcoin's Stability in Question

While Demetriou's bill is structured with strict guidelines to ensure responsible Bitcoin investment, it does address the cryptocurrency's price volatility, which has been a subject of concern among those opposed to the bill.

"We're not talking about anything other than Bitcoin. It has to have a market cap of at least $750 billion, and currently, the only cryptocurrency that qualifies is Bitcoin. But there are guidelines, and we're not talking about anything other than Bitcoin," Demetriou stated.

He emphasizes that his interest is in long-term value growth, not short-term speculation. By integrating Bitcoin into its financial strategy, Ohio is taking a forward-thinking approach, potentially reshaping how governments manage and grow public funds in the evolving digital age.