Ohio’s Strategic Bitcoin Reserve Bill Gains Backing from Vivek Ramaswamy

Key Takeaways:

• Vivek Ramaswamy applauds Ohio's initiative to establish a strategic Bitcoin Reserve through House Bill 18.
• The landmark bill proposes investing 10% of key state funds into a cryptocurrency reserve, primarily Bitcoin.
• This marks Ohio's second attempt to pass legislation establishing a Bitcoin reserve.

On January 25, former U.S. presidential candidate Vivek Ramaswamy praised Ohio’s bold move to embrace cryptocurrency through its proposed Bitcoin Reserve bill, “House Bill 18.” 

The bill, introduced by Representative Steve Demetriou and six co-sponsors, requires the state treasurer to allocate 10% of the general fund, prizes trust fund, and budget stabilization fund into cryptocurrencies, including Bitcoin.

Vivek Says Ohio’s Bitcoin Reserve Bill Could Protect Against Government-Driven Inflation

In an X post, Vivek Ramaswamy described Ohio’s Bitcoin Reserve bill as a creative solution to hedge against government-driven inflation while keeping the state at the cutting edge of innovation.

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

Introduced officially on January 23, House Bill 18 outlines clear and stringent criteria for investments in cryptocurrency. 

The legislation stipulates that these investments must be exchange-traded products with an average market capitalization of at least $750 billion over the past 12 months. 

This requirement is particularly significant because Bitcoin, with a market cap of around $2 trillion, is the only digital asset currently meeting this threshold. 

Related: Bitcoin Price Hits New All-Time High as Donald Trump Takes Office

Representative Steve Demetriou, one of the bill’s sponsors, also shared his thoughts on the proposal in an X post, which noted that the bill is designed to protect Ohio’s taxpayers and state funds. 

Echoing Ramaswamy's perspective, he explained that investment in a Bitcoin reserve diversifies Ohio’s portfolio and safeguards against economic uncertainty. 

Proud to have introduced a bill that will protect Ohio residents’ tax dollars. 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. https://t.co/uAnVquATRG

— Steve Demetriou (@steve4ohiohouse) January 24, 2025

Dennis Porter, CEO and co-founder of SatoshiActFund added another perspective, pointing out that the bill’s use of the term “digital asset” instead of directly naming Bitcoin is a smart move. This choice ensures the bill remains technologically neutral, preventing it from becoming outdated or overly focused on a single asset. 

MASSIVE BREAKING: A new bill enabling Ohio to create a 'Strategic Bitcoin Reserve' with 6 co-sponsors has been introduced in the state of Ohio by Majority Whip @steve4ohiohouse.

Key notes about the bill:
1. The state can allocate up to 10 percent of its general fund, budget… pic.twitter.com/djEmPNvOcT

— Dennis Porter (@Dennis_Porter_) January 24, 2025

It’s also important to recognize that this is not Ohio’s first attempt at creating a Bitcoin reserve.

In December 2024, House Republican Leader Derek Merrin introduced House Bill 703, which proposed using surplus state funds to invest in Bitcoin as a hedge against dollar devaluation. While the bill did not gain much traction, it was part of a larger national conversation about Bitcoin and its potential as a stable financial asset. 

Related: Texas and Oklahoma Saddle Up to Build Historic Bitcoin Stockpiles

Vivek Ramaswamy’s endorsement of House Bill 18 appears tied to his political ambitions. He recently stepped down from co-leading D.O.G.E with Elon Musk. Ramaswamy is now focusing on a soon-to-be-announced bid for the Ohio governorship seat.

Trump's Executive Order on Cryptocurrency and Pardon of Ross Ulbricht Spark Optimism

On January 23, President Trump signed an executive order on cryptocurrency, which created the Presidential Working Group on Digital Asset Markets, a body designed to enhance U.S. presence in the crypto space. 

The group's primary goals include exploring the creation of a national digital assets reserve. It will also develop a comprehensive federal regulatory framework to manage digital assets, including stablecoins.

🚨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

In a related development, President Trump granted a full pardon to Ross Ulbricht.

Ulbricht, the founder of the Silk Road marketplace, has long been a controversial figure due to his conviction.

Ulbricht had been serving a decade-long prison sentence. He was jailed for creating a platform that prosecutors claimed facilitated illegal activities for over 100,000 buyers. His release has reignited discussions about cryptocurrency’s role in justice reform and the government’s reach into the digital world. 

Ulbricht’s pardon is viewed as a major win for individual freedom and the push for a more just digital space.

These moves by President Trump have sparked a wave of optimism in the cryptocurrency market. Traders and investors speculate the Trump administration will create a more favorable environment for crypto innovation than Biden's.

Bitcoin hit an all-time high after Trump took office on January 20. This seems to confirm expectations of his approach fostering growth and innovation in the digital asset sector.