{"id":811644,"date":"2024-12-11T22:12:41","date_gmt":"2024-12-12T04:12:41","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/11\/alabama-state-auditor-calls-to-establish-bitcoin-reserve\/"},"modified":"2024-12-11T22:12:41","modified_gmt":"2024-12-12T04:12:41","slug":"alabama-state-auditor-calls-to-establish-bitcoin-reserve","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/11\/alabama-state-auditor-calls-to-establish-bitcoin-reserve\/","title":{"rendered":"Alabama state auditor calls to establish Bitcoin reserve"},"content":{"rendered":"
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\"Alabama Alabama state auditor calls to establish Bitcoin reserve<\/span> Assad Jafri \u00b7<\/span> 2 hours ago<\/span> \u00b7 2 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n

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State auditor Sorrell advocated for Bitcoin to future-proof Alabama’s economy and attract digital asset investments.<\/p>\n

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2 min read<\/span><\/p>\n

Updated:<\/span> Dec. 11, 2024 at 11:32 pm UTC<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\"Alabama<\/p>\n

Cover art\/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.<\/p>\n<\/div>\n<\/div>\n

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\"Join<\/a><\/p>\n

State Auditor Andrew Sorrell has proposed<\/a> that Alabama create a strategic Bitcoin (BTC<\/a>) reserve to ensure its continued leadership in crypto adoption.<\/p>\n

He argued that such a move would diversify the state\u2019s assets, attract crypto-focused businesses, and establish Alabama as a pioneer in the digital asset space.<\/p>\n

According to Sorrell:<\/p>\n

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\u201cCrypto is no longer a question of if \u2014 it\u2019s here, and it\u2019s reshaping financial markets worldwide. States that act now will be in a prime position to benefit.\u201d<\/p>\n<\/blockquote>\n

The proposal follows a significant surge in Bitcoin\u2019s value, which has climbed over 50% since the presidential election.<\/p>\n

President-elect Donald Trump\u2019s<\/a> endorsement of Bitcoin, including a campaign pledge to build a federal Bitcoin reserve, has fueled the rally<\/a>.\u00a0Trump has also engaged with crypto leaders, signaling the technology\u2019s potential role in the national economy.<\/p>\n

Alabama\u2019s crypto strategy<\/h2>\n

Sorrell emphasized that adding Bitcoin to Alabama\u2019s holdings would position the state for long-term gains. He described crypto as a rapidly growing asset class that offers unique advantages, such as resilience to inflation and independence from the U.S. dollar.<\/p>\n

Sorrell said:<\/p>\n

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\u201cA diversified investment strategy should include assets beyond traditional bonds and treasuries. Bitcoin has consistently outperformed other asset classes over the past decade, and Alabama is missing out by not having exposure.\u201d<\/p>\n<\/blockquote>\n

He proposed a gradual approach to acquiring Bitcoin, suggesting the state adopt a dollar-cost-averaging strategy over two years to reduce risks associated with market volatility. He also stressed that any reserve would be safeguarded for critical emergencies rather than routine use.<\/p>\n

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\u201cInvesting in Bitcoin isn\u2019t about short-term gains. It\u2019s about preparing for the future and building a financial safety net for the state.\u201d<\/p>\n<\/blockquote>\n

National trend<\/h2>\n

Alabama\u2019s potential move aligns with growing interest among US states in leveraging crypto for economic stability. Florida and Pennsylvania are reportedly exploring similar strategies, while federal lawmakers, including Senator Cynthia Lummis<\/a> (R-Wyo.), have introduced legislation<\/a> to establish a national Bitcoin reserve.<\/p>\n

The Securities and Exchange Commission\u2019s approval of Bitcoin and Ethereum<\/a> exchange-traded funds (ETFs) earlier this year has made it easier for states to invest in digital assets. Sorrell pointed to the federal government\u2019s existing Bitcoin holdings, valued at billions, as a precedent for Alabama\u2019s potential reserve.<\/p>\n

According to Sorrel:<\/p>\n

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\u201cTrump\u2019s administration plans to retain and expand the federal Bitcoin stockpile, which demonstrates the growing importance of this asset.\u201d<\/p>\n<\/blockquote>\n

By positioning itself as a crypto-friendly state, Sorrell believes Alabama can attract businesses and investors eager to engage with blockchain and digital assets.<\/p>\n

He added:<\/p>\n

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\u201cStates that adapt to emerging technologies will be the ones to thrive. Alabama has the opportunity to lead and reap the rewards of this innovation.\u201d<\/p>\n<\/blockquote>\n

Mentioned in this article<\/h6>\n
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Latest US<\/span> Stories<\/h5>\n<\/div>\n
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Latest Bitcoin<\/span> Stories<\/h5>\n<\/div>\n
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Latest Press Releases<\/h5>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Assad Jafri<\/p>\n","protected":false},"excerpt":{"rendered":"

Alabama state auditor calls to establish Bitcoin reserve Assad Jafri \u00b7 2 hours ago \u00b7 2 min read State auditor Sorrell advocated for Bitcoin to future-proof Alabama’s economy and attract digital asset investments. 2 min read Updated: Dec. 11, 2024 at 11:32 pm UTC Cover art\/illustration via CryptoSlate. Image includes combined content which may include<\/p>\n","protected":false},"author":1,"featured_media":811645,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1619,2215],"tags":[],"class_list":{"0":"post-811644","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-alabama","8":"category-state"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/811644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=811644"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/811644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/811645"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=811644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=811644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=811644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}