Ohio State Representative Derek Merrin Introduces the Ohio Bitcoin Reserve Act (House Bill 703)

The bill would allow the State Treasurer to create a Bitcoin fund within Ohio's treasury. While the legislation gives the Treasurer the authority to purchase Bitcoin

Ohio State Representative Derek Merrin has introduced the Ohio Bitcoin Reserve Act (House Bill 703) to the Ohio House of Representatives. The bill would permit the State Treasurer to establish a Bitcoin fund within Ohio’s treasury.

Although the legislation grants the Treasurer the authority to purchase Bitcoin, it does not obligate them to do so.

Merrin highlighted the urgent need for Ohio to embrace Bitcoin as a modern and strategic financial asset, emphasizing that the value of the U.S. dollar is rapidly diminishing.

He noted that Bitcoin offers flexibility in managing state finances and provides a way to protect tax dollars from further loss. Integrating Bitcoin into Ohio’s financial framework will position the state to stay ahead of economic changes.

At the federal level, Merrin anticipates that the incoming Trump administration will push for a national Bitcoin reserve. This move would aim to strengthen the country’s financial position by using Bitcoin as a safeguard against inflation and economic instability.

Similar discussions are already taking place in states like Texas and Pennsylvania, which have introduced their own Bitcoin reserve proposals.

Globally, other countries are also recognizing Bitcoin as a valuable financial tool. El Salvador, for example, has already adopted Bitcoin as legal tender and continue to add it to their national reserves. Bhutan holds more than $1.3 billion in Bitcoin.

Several other governments are exploring Bitcoin as a reserve asset to diversify their financial holdings and reduce dependence on traditional currencies, particularly the U.S. dollar. These efforts reflect a growing trend toward using Bitcoin as a strategic hedge in uncertain economic times.

Just recently, a French EU parliament member called for a bitcoin reserve as a way to hedge against adverse economic situations. Although the US think tank cofounder argue a bitcoin reserve won’t fix the US debt issue.

Merrin called Bitcoin “digital property rights for everyone who owns it” and described it as a revolutionary financial tool that will reshape global economies. He explained that this legislation creates a strong framework for Ohio to leverage Bitcoin to strengthen its financial stability.

Andrew Burchwell, Executive Director of the Ohio Blockchain Council, praised Merrin’s efforts, noting that governments around the world—including states like Texas, Florida, and Pennsylvania—are already considering Bitcoin as a reserve asset. Burchwell stressed that Ohio must act now to secure its leadership position in innovation and technology.

With the current legislative session nearing its end, Merrin hopes the Ohio Bitcoin Reserve Act will serve as a foundation for lawmakers to revisit and pass in 2025. He believes this bill will enable Ohio to take advantage of Bitcoin’s opportunities and ensure the state remains competitive on both a national and global scale.