Ohio Proposes Bill for Strategic Bitcoin Reserve

According to PANews, a new bill has been introduced in Ohio by State House Majority Whip Steve Demetriou, along with six other legislators, to establish a 'strategic Bitcoin reserve' for the state. The proposed legislation outlines several key provisions: 1. The bill permits the state government to allocate up to 10% of its general fund, budget stabilization fund, and prize trust fund for investment in Bitcoin. 2. It mandates robust custody solutions, ensuring the state government utilizes either self-custody or qualified custodians. 3. The proposal is designed to be technology-neutral by using the term 'digital assets,' aiming to reduce political resistance and protect state funds from inflation. 4. Only assets with a market capitalization of $750 billion and an average duration of 12 months qualify for reserve status, with Bitcoin currently being the sole eligible asset.