Ohio Joins Growing Trend of States Considering Bitcoin Reserves

Derek Merrin, an Ohio state representative, on Dec. 17 introduced House Bill 703 to establish a Bitcoin (BTC) reserve for the state. Merrin shared the announcement in a post on X, explaining that the legislation aims to create a framework for the state government to leverage Bitcoin. In fiscal year 2022, Ohio was $72 billion in debt, ranking as the 12th highest state debt in the US, according to Statista . By incorporating Bitcoin into the state’s investment portfolio, the proposed legislation seeks to hedge against inflation and economic instability. The move could also offer a way to preserve the value of public funds, aligning with broader trends of digital asset adoption at institutional levels. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io