Former presidential candidate Vivek Ramaswamy has expressed strong support for Ohio's newly proposed strategic crypto reserve bill, calling it "powerful and thoughtful." The legislation, introduced as House Bill No. 18 by State Representative Steve Demetriou with six co-sponsors, would enable the state treasurer to invest up to 10% of Ohio's funds in digital assets.
The bill targets three specific state funds: the general fund, budget stabilization fund, and prizes trust fund. Representative Demetriou emphasized that this initiative aims to protect state funds from inflation while positioning Ohio at the forefront of monetary innovation.
While the legislation uses the broader term "digital asset," it includes specific criteria that effectively limit initial investments to Bitcoin. The bill requires any qualifying digital asset to maintain an average market capitalization of at least $750 billion over 12 months. Currently, only Bitcoin, with its approximately $2 trillion market cap, meets this threshold.
The proposed legislation outlines multiple investment options, including direct holdings through secure custody solutions or investments via qualified custodians such as banks and trust companies. This represents Ohio's second attempt at establishing a Bitcoin reserve, following House Bill 703 introduced by House Republican leader Derek Merrin.
Ohio joins a growing movement of states exploring Bitcoin reserves, with eleven states currently considering similar initiatives. This state-level momentum follows President Donald Trump's recent executive order on crypto regulation, which called for developing a federal framework for digital assets.
Ramaswamy's endorsement comes at a notable time, as sources indicate he may soon announce his candidacy for Ohio governor. His support adds weight to the state's push toward embracing digital assets as a legitimate investment vehicle for public funds.