Vivek Ramaswamy Supports Ohio’s Strategic Bitcoin Reserve Bill

Highlights:

• Ramaswamy supports Ohio’s Bitcoin Reserve as a smart, global trend-aligned move.
• House Bill 18 mandates Ohio invest 10% of state funds in a crypto reserve.
• The bill emphasizes secure custody solutions to protect digital asset investments.

Former U.S. presidential candidate Vivek Ramaswamy praised Ohio’s move to propose a Bitcoin Reserve bill in a post on X. He described the initiative as powerful, thoughtful, and aligned with global trends in cryptocurrency adoption.

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

On Jan. 23, State Representative Steve Demetriou and six co-sponsors introduced House Bill 18. It requires the state treasurer to invest 10% of the general fund, prizes trust fund, and budget stabilization fund in a cryptocurrency reserve, including Bitcoin.

Ohio’s Legislation Focuses on Diversifying State Funds with Digital Assets

Demetriou emphasized that this initiative is crucial to shielding the state’s funds from the impact of inflation. He noted that investing in digital assets like Bitcoin could help Ohio diversify its portfolio and mitigate economic risks.

He wrote:

“By allowing an option to invest in a strategic Bitcoin reserve we can hedge against inflation and keep Ohio on the cutting edge of monetary and technological innovation.”

Ohio’s proposed legislation uses the term “digital asset” instead of directly naming Bitcoin. Dennis Porter, CEO and co-founder of the Satoshi Action Fund explained that this phrasing ensures technological neutrality and minimizes potential political conflicts.

Vivek Ramaswamy stepped down from co-leading D.O.G.E with Elon Musk to run for Ohio governor. He expressed confidence in DOGE’s future success but did not elaborate on his plans. Reports suggest Ramaswamy will soon announce his candidacy.

Ohio’s Second Attempt at Bitcoin Reserve Bill

This is Ohio’s second attempt at a Bitcoin reserve bill, following House Bill 703 introduced by House Republican leader Derek Merrin. As of January 23, eleven states are pursuing similar Bitcoin reserve initiatives. This initiative follows President Trump’s executive order on cryptocurrency, creating a group to develop federal regulations. The working group will focus on stablecoins and explore the potential of a national digital asset reserve.

🚨NEW per my @FoxBusiness colleague @EdwardLawrence: The #crypto executive order has officially been signed.

Here are the details:

📌The Executive Order establishes the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance.

📌The…

— Eleanor Terrett (@EleanorTerrett) January 23, 2025

Ohio’s Strategic Reserve Bill Sets High Investment Standards

Ohio’s strategic Bitcoin Reserve bill establishes strict criteria for digital asset investments. It requires the chosen asset to be an exchange-traded product with a market cap of at least $750 billion over the previous 12 months. Bitcoin qualifies easily, with its current market cap of approximately $2 trillion. The bill also notes that other digital assets could be considered if they reach this market cap threshold.

The bill reads:

“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.”

House Bill 18 outlines strict requirements for secure custody solutions if the state decides to hold digital assets directly. Alternatively, the state may use qualified custodians like banks or trust companies or invest through regulated investment firms.