The post Ohio Bitcoin Reserve Act: Will This Revolutionize the U.S. Economy? appeared first on Coinpedia Fintech News
The Bitcoin reserve plan is ripples in the current market while some believe this will be the future of digital assets others say there will be no use of Bitcoin in the US economy. In this many US states are diving into Trump’s Bitcoin Reserve strategy. Ohio lawmaker Derek Merrin has proposed a groundbreaking bill called the Ohio Bitcoin Reserve Act (HB 703). This legislation, introduced on December 17, 2024, would allow the state treasurer to invest in Bitcoin as part of Ohio’s financial reserves.
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
While not mandatory, the bill gives the treasurer the flexibility to include Bitcoin in the state’s asset portfolio. Merrin believes this move is essential to safeguard taxpayer funds from losing value due to the devaluation of the U.S. dollar.
Bitcoin as a Hedge Against Economic Uncertainty
Merrin’s proposal positions Bitcoin as a modern solution and is also required in times when the dollar declines and economic problems erupt. He described Bitcoin as “digital property rights for everyone,” basically to strengthen Ohio’s financial system.
By adopting Bitcoin, the state could hedge against inflation and economic uncertainty, ensuring taxpayer money retains its value over time. Finally, this is also an option for states to show how these risky assets can be used to secure the state’s financial health with lower interest rates.
Even though the bill was introduced just weeks before the current legislative session ends on December 31, Merrin intends to bring it back in January 2025 during the next session. He hopes this proposal will give Ohio lawmakers a clear plan to quickly adopt Bitcoin as part of the state’s financial strategy.
Joining a Growing Trend Among States
Ohio isn’t the only state looking into Bitcoin for its savings. Texas has come up with the “Texas Strategic Bitcoin Reserve Act,” which plans to keep Bitcoin as a long-term asset for at least five years. Meanwhile, Pennsylvania wants to invest up to 10% of its treasury in Bitcoin, believing it could help manage its finances in economic challenges.
Merrin’s Crypto Advocacy
Looking at the current scenario Merrin holds a top “A” rating from Coinbase’s Stand With Crypto initiative and has called for a modern framework to protect individuals’ rights to own and trade digital assets. Merrin believes that adopting Bitcoin is not just a financial strategy but a step toward embracing the future of money.
If Ohio’s Bitcoin Reserve Act becomes law, it will not only make it a market leader but will also protect Taxpayers from uncertain risks. Bitcoin reserve plan is gaining momentum in the US and many expect that it will be a reality sooner or later.
