The post Alabama Auditor Pushes for State Bitcoin Reserve appeared on BitcoinEthereumNews.com.

State Auditor Andrew Sorrell is advocating for Alabama to establish a strategic Bitcoin reserve, a move he believes will attract businesses and investors by branding the state as a “crypto-friendly” hub. Sorrell’s proposal aligns with the growing momentum for cryptocurrency adoption, fueled in part by President-elect Donald Trump’s pro-Bitcoin stance. National Momentum for Bitcoin Reserves Bitcoin’s price has surged over 50% since Trump’s election victory, driven by his promise to create a “national Bitcoin stockpile.” Trump has engaged with crypto leaders during his campaign and vowed to integrate Bitcoin into the nation’s financial strategy, signaling a major shift in federal attitudes toward cryptocurrency. U.S. Senator Cynthia Lummis (R-Wyo.) has already introduced the BITCOIN Act, which would mandate the U.S. Treasury to create a federal Bitcoin reserve. Advocates of such reserves argue they could mitigate national debt, bolster the dollar, and protect against inflation. Sorrell sees an opportunity for Alabama to follow suit at the state level. Other states, including Florida and Pennsylvania, are exploring similar initiatives to diversify their financial holdings and establish crypto investment models. Source: Bill Search Sorrell’s Case for a Bitcoin Reserve Sorrell, a long-time crypto advocate, believes investing in Bitcoin could strengthen Alabama’s financial position while preparing for an evolving economic landscape. He cited the rapid growth of the cryptocurrency market—valued at over $3 trillion globally—and the underperformance of traditional investments like bonds. “A well-balanced portfolio should include exposure to many different asset classes,” Sorrell told 1819 News. “Crypto is the fastest-growing asset class, averaging 55% annual growth over the past 15 years. The state currently has zero exposure to this market. While bonds and Treasuries have their place, earning a 4% yield against 2.7% inflation is barely breaking even.” Positioning Alabama as a Crypto-Friendly State Beyond financial diversification, Sorrell argues that embracing Bitcoin could establish…

---

Filed under: News - @ December 14, 2024 8:11 am