An Ohio lawmaker, Derek Merrin, is proposing pioneering legislation to establish a strategic bitcoin reserve within the state Treasury. Faced with the devaluation of the dollar and the rise of bitcoin, this initiative marks a turning point in institutional adoption in the United States.
Bitcoin as a financial shield for the State of Ohio
On Tuesday, Derek Merrin, a Republican representative from Ohio, a US Midwest state, introduced bill HB 703, dubbed the Ohio Bitcoin Reserve Act. This initiative aims to revolutionize the management of the State's financial reserves by integrating bitcoin into its economic strategy.
Convinced that bitcoin constitutes a strategic alternative to the devaluation of the American dollar, Merrin propose the creation of a Bitcoin reserve fund within the State Treasury. This fund would authorize the Ohio Treasurer to invest a portion of the state's interim funds in bitcoin.
The goal is clear: protect public finances against monetary erosion while positioning Ohio at the forefront of financial innovation.
For Merrin, bitcoin represents an essential solution: “ As the U.S. Dollar Loses Value, Bitcoin Offers a Way to Diversify Our State's Portfolio and Protect Public Funds from Depreciation. »
A broader political movement
This project is not an exception and is part of a growing trend on a national scale. Several US states, such as Texas and Pennsylvania, are also considering building up bitcoin reserves. Furthermore, the possibility of a national BTC reserve under a Trump administration gives this movement geopolitical significance.
The current context is particularly favorable. Bitcoin has seen a spectacular rise of 155% in one year, reaching all-time highs. The re-election of Donald Trump, known for his support of cryptos, has reinforced this positive dynamic.
The lawmaker also cites the initiative of Senator Cynthia Lummis, who proposes that the United States acquire 1 million bitcoins over five years, thus strengthening the credibility of this approach at the national level.
With this initiative, Ohio is positioning itself as a potential pioneer in the integration of bitcoin as a state reserve asset, even as the tide is also turning in Europe. This bill could usher in a new era where cryptos would no longer be seen solely as speculative assets, but as strategic tools for the management of public finances.
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