Ohio lawmaker Derek Merrin introduced a groundbreaking bill to establish a Strategic Bitcoin Reserve within the state treasury, according to a Dec. 17 statement.

The proposed legislation, known as the Ohio Bitcoin Reserve Act, seeks to empower the state treasurer with the authority to invest in Bitcoin, aligning with the growing trend of adopting it as a strategic asset.

Ohio’s push for Bitcoin innovation

The bill, filed as House Bill 703, positions Ohio as one of the first states to look to adopt a Bitcoin reserve at the state level.

Merrin emphasized that the legislation provides the necessary framework to integrate Bitcoin into the state’s financial strategy. He highlighted Bitcoin’s potential to safeguard public funds against the devaluation of the US dollar, citing its ability to preserve value and supplement the state’s investment portfolio.

He wrote:

“This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our state finances. As the US dollar undergoes devaluation, Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value.”

Meanwhile, support for the initiative extends beyond the legislative chambers. Andrew Burchwell, Executive Director of the Ohio Blockchain Council, expressed enthusiasm for the proposal. He noted that the legislation would enable the Ohio Treasurer to establish and manage a Bitcoin reserve fund, further strengthening the state’s commitment to innovation.

Burchwell pledged to collaborate with lawmakers and state officials in 2025 to ensure the proposal’s successful implementation.

Global trends

Merrin’s proposal emerges amidst growing interest in Bitcoin reserves at both state and national levels.

Other states, including Texas and Pennsylvania, have recently begun exploring similar initiatives, citing the need for alternative assets to hedge against economic uncertainties like inflation and currency devaluation.

Countries like Brazil, Russia, and Poland have shown interest in creating national Bitcoin reserves. Moreover, lawmakers in Japan and Hong Kong have also called for their governments to explore investments in the top digital asset.

Meanwhile, these efforts coincide with Bitcoin’s recent price surge to a new all-time high of $108,263 on Dec. 17, according to CryptoSlate’s data.