30s Summary

An Ohio lawmaker is proposing a Bitcoin fund for the state, the third US state to contemplate such a proposition. Ohio House Republicans’ leader Derek Merrin introduced the Ohio Bitcoin Reserve Act, which would allow the state treasurer to buy Bitcoin as an investment strategy. Merrin believes investing in Bitcoin could counterbalance the falling dollar value. However, the proposed bill still requires approval and would need reintroduction in 2025. This follows similar Bitcoin reserve asset initiatives in Texas and Pennsylvania. Merrin, who has previously professed his support for cryptocurrencies, considers Bitcoin transformative for finance.

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An Ohio lawmaker is looking to create a Bitcoin fund for the state, making it the third American state to consider such a measure in just over a month. The move came from Derek Merrin, leader of Ohio’s House Republicans, who introduced a bill called the Ohio Bitcoin Reserve Act.

If it gets the green light, this bill would let the state treasurer buy Bitcoin to diversify the state’s investments. However, it wouldn’t make it obligatory for them to do so. Basically, Merrin believes that with the dollar’s value dropping, investing in Bitcoin could be a smart move for the state.

He’s hoping that the bill can act as guidance for Ohio’s next legislative session – so it’s not that things are happening right away. As the current legislative session is ending in a couple of weeks, the bill will need to be reintroduced in 2025, with the start of the next session.

Merrin is pretty bullish about Bitcoin, calling it a game-changer for finance and saying it gives people a digital form of property rights. He thinks if Ohio embraces Bitcoin, it could really help the state’s finances. This isn’t his first time showing love for cryptocurrencies – he’s previously called himself a “big fan of crypto”.

This move from Ohio isn’t totally unique – Bitcoin reserves are an idea that’s gaining traction elsewhere. Texas and Pennsylvania both introduced similar laws after Trump’s 2016 election win, and there have been suggestions of a federal Bitcoin reserve. A Texas representative wants the state to hold Bitcoin as a reserve asset for five years at least. Pennsylvania is exploring a law to let it keep up to 10% of its treasury in Bitcoin, arguing that it could offer financial stability during uncertain times.