Another U.S. State Begins Discussion on Bitcoin Reserves
Ohio State Representative Derek Merrin has introduced a bill aimed at creating a state-backed Bitcoin reserve. Called the "Ohio Bitcoin Reserve Act," the bill proposes the establishment of a Bitcoin reserve fund within the state treasury and allows temporary public funds to be invested in Bitcoin. Merrin stated that this move aligns with Ohio's goals of supporting innovation in crypto assets and protecting public funds from depreciation.
Merrin remarked, “As the US dollar depreciates, Bitcoin presents a strong tool for enhancing the state’s financial security.” The bill emphasizes that the Bitcoin reserve would provide a strategic contribution to the state economy and represents a step towards advancing the financial security of the public.
Trump and the National Bitcoin Reserve Plan Ohio Representative Merrin also expressed his expectation for the establishment of a national Bitcoin reserve under the administration of elected President Donald Trump. Merrin's statement appears to be linked to a bill by Republican Senator Cynthia Lummis, which envisions the US purchasing 1 million Bitcoins within five years. According to Merrin, a national Bitcoin reserve is significant from the perspective of economic security and a strategic approach to crypto assets.
In addition to Ohio, states like Texas and Pennsylvania are also planning to create similar Bitcoin reserves. These initiatives highlight the increasing interest in crypto assets and their strategic importance across the US.
Bitcoin Price Surge Bitcoin has seen a substantial rise, particularly following Donald Trump’s pro-crypto policies after his re-election. Having gained 155% in value over the year, Bitcoin recently set a new record at $108,353 and is currently trading around the $105,300 range.
Ohio's Bitcoin reserve initiative reflects both the state's vision to support innovations in the digital economy and its commitment to being prepared for changes in global markets. These developments indicate that Bitcoin has become a strategic asset not only for individual investors but also for governments.