Legislator Derek Merrin introduced a bill on December 17 to create a strategic Bitcoin reserve for the state of Ohio. This is the third U.S. state to want to set up a strategic Bitcoin reserve, after Texas and Pennsylvania.
Ohio wants its own strategic Bitcoin reserve
U.S. states want to get ahead Donald Trump in his ambition to set up a strategic Bitcoin reserve for his country. Indeed, Derek Merrin, an influential member of the Ohio House of Representatives presented on December 17 a bill to create a strategic Bitcoin reserve for his state. Entitled Ohio Bitcoin Reserve Act this bill would allow Ohio to purchase bitcoins as part of an appropriate asset allocation.
In its press release, Derek Merrin hopes exposure to Bitcoin will preserve public funds from loss of value. Indeed, the lawmaker in the Ohio House of Representatives finds that the US dollar is undergoing increasing devaluation.
The U.S. dollar is depreciating rapidly, and our state treasurer should have the authority and flexibility to invest in Bitcoin when determining appropriate asset allocation. Ohio needs to embrace technology and protect taxes from erosion.
Derek Merrin.
Republican leader in the Ohio House of Representatives, Derek Merrin is a fervent advocate of crypto. In a LinkedIn post last August, Merrin was already arguing for a regulatory framework that allows people to own, exchange and trade with digital assets.
Ohio follows Texas and Pennsylvania’s lead
Long before the introduction of the bill to create the Bitcoin Strategic Reserve in Ohio, two other US states had already taken similar initiatives.
November 12, 2024, Mike CabellPennsylvania’s representative in the House of Representatives has proposed a bill to create a strategic Bitcoin reserve. If passed, this legislation would allow the state treasury to hold up to 10% Bitcoin on its balance sheet. For lawmakers Cabell, Bitcoin provides a hedge in times of economic uncertainty.
A month later, the state of Texas presented a similar initiative. December 12, 2024, Giovanni CapriglioneTexas Representative to the House of Representatives presented the Texas Strategic Bitcoin Reserve Act. This law proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years.
Donald Trump’s announcement to set up a strategic Bitcoin reserve has given ideas to American states. The influence of the U.S. president’s words even extends beyond his country’s borders. Some influential political players in certain countries have advocated the creation of a strategic Bitcoin reserve. These include Poland, Brazil or recently the European Union.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
