Originally published on: December 11, 2024
The Alabama State Auditor, Andrew Sorrell, has made a bold proposal to create a state Bitcoin reserve in a recent interview with a local publication. A former state legislator and avid supporter of cryptocurrency, Sorrell believes that integrating Bitcoin into the state’s financial system could attract businesses and boost financial stability.
In his interview with 1819 News, Sorrell emphasized the importance of embracing cryptocurrency, stating that “crypto is here to stay” and that states must now compete to reap its benefits. With the introduction of Bitcoin and Ether exchange-traded funds (ETFs) in the US, Sorrell sees an opportunity for Alabama to invest in these digital assets as easily as buying stocks.
Drawing inspiration from the proposed Federal Bitcoin reserve by President-elect Donald Trump, Sorrell envisions building up the Alabama Bitcoin reserve through monthly purchases over two years, taking advantage of Bitcoin’s current bullish market trend. He also stressed the importance of diversifying away from the US dollar for long-term financial resilience.
Alabama has seen a growing number of pro-crypto politicians at both state and federal levels, with US Senator Tommy Tuberville standing out as a strong advocate for digital currencies. The state recently established the Alabama Blockchain Study Commission to examine crypto regulations, taxation, and mining issues, signaling a proactive approach to embracing blockchain technology.
While a bipartisan bill aimed at protecting digital asset storage and mining failed to pass this year, the momentum towards crypto-friendly policies in Alabama remains strong. With Sorrell’s proposal for a state Bitcoin reserve, Alabama could position itself as a forward-thinking hub for cryptocurrency innovation and investment.
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