2024

Bitcoin

Reserve

<h4><strong>Ohio is taking a bold step toward Bitcoin adoption. State Representative Derek Merrin has proposed new legislation, called House Bill 703, to allow the state treasury to invest in Bitcoin.</strong></h4> 
<p><span style="font-weight: 400;"> If passed, the bill will create a <a href="https://www.altcoinbuzz.io/?s=Bitcoin+reserves" target="_blank" rel="noopener">Bitcoin reserves</a> fund within the state treasury. This will give Ohio the legal framework to buy and hold Bitcoin, though it doesn’t force any immediate investment.</span></p> 
<p><span style="font-weight: 400;">Merrin announced the bill on December 17, 2024, calling it the “Ohio Bitcoin Reserve Act.” He said Bitcoin could help protect Ohio’s finances as the U.S. dollar loses value. “Bitcoin is like digital property rights,” Merrin said. He added that it was time for Ohio to embrace technology and strengthen its finances “with sound money.”&nbsp;</span></p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!</p> 
 <p>Provides state treasurer authority &amp; flexibility to invest in <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a></p> 
 <p>This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… <a href="https://t.co/hSWas2qeQd">pic.twitter.com/hSWas2qeQd</a></p> 
 <p>— Derek Merrin (@DerekMerrin) <a href="https://twitter.com/DerekMerrin/status/1869134602390122545?ref_src=twsrc%5Etfw">December 17, 2024</a></p>
</blockquote> 
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<h5><strong>Bitcoin to Strengthen State Finances</strong></h5> 
<p><span style="font-weight: 400;">Merrin wrote on <a href="https://x.com/DerekMerrin/status/1869134602390122545" target="_blank" rel="noopener">X</a>, </span><span style="font-weight: 400;">“Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury! Provides state treasurer authority &amp; flexibility to invest in Bitcoin. This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our state finances. </span><span style="font-weight: 400;">As the US dollar undergoes devaluation, Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value.”</span></p> 
<p><img decoding="async" class="alignnone size-full wp-image-158100" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Bitcoin-reserve.jpeg" alt="" width="1057" height="1200" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Bitcoin-reserve.jpeg 1057w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Bitcoin-reserve-264x300.jpeg 264w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Bitcoin-reserve-902x1024.jpeg 902w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Bitcoin-reserve-768x872.jpeg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Bitcoin-reserve-370x420.jpeg 370w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Bitcoin-reserve-696x790.jpeg 696w" sizes="(max-width: 1057px) 100vw, 1057px"></p> 
<p><span style="font-weight: 400;">Ohio could join states like <a href="https://www.altcoinbuzz.io/cryptocurrency-news/texas-proposes-strategic-bitcoin-reserve/" target="_blank" rel="noopener">Texas</a> and Pennsylvania, which already have plans for Bitcoin reserves. Pennsylvania may invest up to 10% of its General Fund in Bitcoin, while Texas recently allowed donations in BTC. Florida is also working on similar plans for early 2025. Other states, like Michigan and Wisconsin, are taking slower steps, focusing on Bitcoin ETFs instead.&nbsp;</span></p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">BREAKING: Texas State Rep Giovanni Capriglione officially files for a Strategic <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Reserve for the state of Texas <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/Xef1pxrQfT">pic.twitter.com/Xef1pxrQfT</a></p> 
 <p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1867243887363797077?ref_src=twsrc%5Etfw">December 12, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">With the current legislative session ending soon, Ohio’s Bitcoin proposal might carry over into 2025. If passed, Ohio will position itself as a leader in innovation and crypto adoption. The Ohio Blockchain Council has praised the move, saying it could set the state up for long-term success.</span></p> 
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<h5><strong>Disclaimer</strong></h5> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/ohio-bill-introduces-bitcoin-reserves-for-state/">Ohio Bill Introduces Bitcoin Reserves for State</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Ohio Bill Introduces Bitcoin Reserves for State

Altcoin Buzz

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