Ohio Unveils Second Bitcoin Reserve Bill

Ohio has introduced a second Bitcoin reserve bill, signaling growing momentum for crypto legislation across the U.S., particularly in the wake of Donald Trump’s election victory. On December 19, Ohio House GOP Majority Whip Steve Demetriou revealed the details of his proposed legislation, which would allow the state to establish and manage a strategic Bitcoin reserve. The bill was shared by Dennis Porter, founder of the Satoshi Act Fund, during an X Spaces event. Demetriou’s proposal follows a similar one from Representative Derek Merrin, who had previously introduced a plan to make Ohio a Bitcoin reserve holder.

Demetriou’s bill would allow Ohio to allocate up to 10% of its state-controlled funds toward building a Bitcoin stockpile. He also highlighted the state’s natural advantages in the crypto space, noting that Ohio could leverage its massive natural gas reserves and competitive energy grid to power Bitcoin mining operations. Ohio is well-known for its abundant energy resources, and Demetriou sees Bitcoin as an ideal way to tap into those existing energy reserves for economic benefit.

While the bill does not provide a clear timeline for its passage, Demetriou expressed optimism that the state’s legislative process would not hinder the bill’s progress. His remarks come at a time when conversations about cryptocurrency and Bitcoin reserves are gaining significant traction in the U.S. This movement has been bolstered by the recent election, as more states are exploring the idea of adopting Bitcoin-related policies.

Porter, who has been vocal about the growing interest in Bitcoin reserves, noted that this “Bitcoin renaissance” is gaining momentum in over 12 states, including Texas, Ohio, and Pennsylvania, all of which have shown interest in Bitcoin reserve laws. In Washington, Senator Cynthia Lummis has also been advocating for federal-level Bitcoin reserve policies, pushing for the Senate to authorize the Federal Reserve to hold Bitcoin. This would be a significant shift, as Federal Reserve Chairman Jerome Powell recently clarified that the Fed currently does not have the legal authority to own Bitcoin. Lummis’s push for such a policy reflects the increasing influence of Bitcoin on both state and federal legislative agendas.

As more states consider the economic benefits of holding Bitcoin in reserves, Ohio’s move is part of a larger trend where Bitcoin is being recognized not just as a speculative asset, but as a strategic store of value that could help bolster state finances and energy infrastructures. This shift in perspective may pave the way for further adoption of Bitcoin reserves across the U.S., especially as lawmakers look for ways to tap into the growing cryptocurrency market.