Ohio Proposes Bitcoin Reserve Legislation Amid Growing State Adoption  

• Ohio’s proposed legislation would allocate 10% of treasury funds to Bitcoin, aiming to protect against inflation and economic instability.  
• At least 16 U.S. states plan to introduce Bitcoin reserve bills, reflecting growing state-level interest in cryptocurrency adoption.  
• The bill requires crypto assets in reserves to maintain a $750 billion market cap, with Bitcoin currently the only qualifying digital asset. 

Ohio has joined the wave of U.S. states considering digital asset reserves, introducing legislation to allocate 10% of its treasury funds to cryptocurrencies, including Bitcoin. State Representative Steve Demetriou led the initiative with six other lawmakers, emphasizing the proposal’s aim to safeguard state funds against inflation and economic uncertainties. The bill specifically focuses on Bitcoin, which currently meets the proposed $750 billion market capitalization threshold required for eligible assets.

16 States to Introduce Bitcoin Reserve Legislation

Dennis Porter, CEO of the Satoshi Action Fund, revealed on social media platform X that at least 16 U.S. states are set to propose strategic Bitcoin reserve legislation. This marks significant growth in state-level interest, as none had such plans three months ago. Porter and his organization have also been instrumental in drafting related bills, including the “Bitcoin Rights” legislation in Pennsylvania and 20 other states. This broader legislative momentum reflects the increasing recognition of Bitcoin as a strategic financial asset.

Bitcoin’s Market Cap Drives Eligibility

Ohio’s proposed legislation adopts a tech-neutral approach, referring to “digital assets” without specifically naming Bitcoin. However, the bill’s requirement for assets to maintain a $750 billion average market capitalization over the past 12 months currently makes Bitcoin the sole qualifying candidate. With a market cap of $2.07 trillion, Bitcoin stands as the only cryptocurrency meeting the criteria.

Support from Bitcoin Advocates and Industry Leaders

Bitcoin enthusiasts have expressed widespread support for the state-level initiatives. Jimmy Kostro, CEO of the Kostro Foundation, praised the growing adoption, encouraging more states to follow suit. He highlighted the potential for at least half of the U.S. states to eventually establish Bitcoin reserves. Meanwhile, algorithmic trading system MDX ALGO described the trend as “undeniable,” underscoring the increasing momentum behind these proposals.

Porter has previously predicted that both a G7 and a BRICS nation might adopt Bitcoin reserves, signaling its rising prominence on the global stage. The state-level push in the U.S. could position the country as a leader in Bitcoin adoption, especially if more states move forward with similar legislation before a national framework is introduced.