Ohio Proposes Bitcoin Strategic Reserve Bill

Ohio has introduced a new bill allowing the creation of a "Bitcoin Strategic Reserve." This bill is supported by six co-sponsors and aims to protect state funds from inflation and ensure the long-term stability of its financial assets. The bill permits Ohio to allocate up to 10% of its general fund, budget stabilization fund, and incentive trust fund to Bitcoin. It establishes strict custodial requirements to ensure the security of the reserves, with Ohio managing its digital assets through self-custody or qualified custodians. To reduce political friction and ensure swift action, the bill uses technology-neutral language, referring to "digital assets," but its stringent requirements ensure that currently only Bitcoin qualifies. For a digital asset to be included in the reserves, its market value must reach at least 750 billion based on a 12-month average. The bill has received strong support from the state government and the six co-sponsors, significantly increasing its likelihood of becoming law.