A company that is changing the way the world mines bitcoin

Cryptopolitan 2025-01-26 08:14:54

Vivek Ramaswamy praises Ohio’s strategic Bitcoin Reserve bill

Former United States presidential candidate Vivek Ramaswamy has showered praises on Ohio’s recent decision to come up with a Bitcoin Reserve bill. According to the entrepreneur’s post on X, the idea is powerful and thoughtful, one that is in-line with the growing trends globally. The bill, known as House Bill 18 , was introduced by Steve Demetriou, a State Representative alongside six other co-sponsors backing it. The bill will mandate the state treasurer to invest about 10% of the state’s general fund, prizes trust fund, and budget stabilization fund into a strategic cryptocurrency reserve, which will include Bitcoin. According to Demetriou, the bill was necessary to hedge the state’s funds from the biting effects of inflation. Vivek Ramaswamy backs Ohio’s Bitcoin reserve bill Investing in cryptocurrencies via a strategic cryptocurrency reserve bill is one trend that has gotten attention over the last few months. The trend started with United States President Donald Trump leaning over and showing support for the crypto industry during his campaign. With Ohio now leaning towards that area, it is something that Ramaswamy is backing wholeheartedly. According to Ramaswamy, aside from the bill being thoughtful and powerful, it provides a way to hedge inflation risks provided by the government. He also hailed Steve Demetriou for proposing the bill. “A thoughtful & powerful bill here in Ohio. We need to think creatively about hedging against government-created inflation risks & keeping our state at the cutting edge of innovation, rather than playing from behind. Kudos to @steve4ohiohouse for thinking outside the box,” he said. A thoughtful & powerful bill here in Ohio. We need to think creatively about hedging against government-created inflation risks & keeping our state at the cutting edge of innovation, rather than playing from behind. Kudos to @steve4ohiohouse for thinking outside the box. https://t.co/gBg4IuqO8O — Vivek Ramaswamy (@VivekGRamaswamy) January 25, 2025 According to Demetriou on X, he proposed the bill because he wants to hedge against inflation while making sure Ohio is at the front when it comes to cutting-edge monetary and technological innovation. In a post by co-founder and CEO of Satoshi Action Fund, Dennis Porter, the new proposed strategic reserve bill uses ‘digital assets’, instead of explicitly mentioning Bitcoin. Porter noted that the approach will help Ohio maintain neutrality and avoid potential political friction in the future. Ohio’s strategic reserve bill features strict investment requirements Ohio’s strategic Bitcoin Reserve bill sets out very strict investment criteria for digital assets. One of the requirements is that the asset of choice should be an exchange-traded product with an average market capitalization of around $750 billion 12 months before the asset is picked. Bitcoin easily makes the cut, seeing that it presently has a market cap of about $2 trillion. However, the bill explicitly mentions that other digital assets could well be considered if they can achieve this feat. “The average market capitalization of the digital assets over the preceding twelve months is at least seven hundred fifty billion dollars, as determined by the treasurer of state using a commercially reasonable method,” the bill read. The bill also sets strict conditions for secure custody solutions, provided the state decides to hold the digital assets directly. If the opposite is the case, then the state can consider the services of banks, trust companies, or other regulated investment services in providing custody. If the bill is officially passed, it will be a major milestone in the state, allowing Ohio to use digital assets as potential investment vehicles for state funds and retirement systems. The bill is Ohio’s second attempt at a strategic Bitcoin Reserve, with the first bill, House Bill 703, submitted last month by Derek Martin, the House Republican leader. The bill is seeking to outrightly establish a Bitcoin Reserve for Ohio, with Porter noting that about 11 States are presently in the Bitcoin reserve race. The current bill came after United States President Donald Trump signed an executive order to create a working group that will look into the development of a federal regulatory framework for digital assets, which will include stablecoins. The group is also tasked with looking into the establishment of a national digital asset reserve. Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - a href="https://www.cryptopolitan.com/ultimate-web3-resume-cheatsheet?utm_source=cryptopolitan&utm_medium=banner&utm_campaign=web3cs-1" target="_blank">Download Now