Ohio State Representative Derek Merrin has unveiled a groundbreaking bill to establish a state-backed bitcoin reserve, aiming to protect public funds against the devaluation of the US dollar. The Ohio Bitcoin Reserve Act, or HB 703, proposes the creation of a designated fund within the state treasury and authorizes investments in bitcoin. Merrin, in his announcement, emphasized bitcoin’s potential to bolster Ohio’s financial security and innovation in digital assets.

Amid rising enthusiasm for cryptocurrency, Merrin also expressed confidence that the incoming Trump administration will spearhead a national bitcoin initiative, echoing a similar sentiment by Republican Sen. Cynthia Lummis who advocates for significant U.S. bitcoin acquisitions. His statement underscores a growing trend among states like Texas and Pennsylvania, which are also exploring the creation of bitcoin reserves.

This initiative comes as bitcoin’s value has surged by 155% over the past year, now trading at a remarkable $104,680. The move by Ohio not only highlights its commitment to leveraging cutting-edge financial technologies but also positions the state as a leader in the national movement towards cryptocurrency adoption.