Alabama Auditor Publicly Proposes Strategic Bitcoin Reserve

Recently, Alabama Auditor General Andrew Sorrell publicly proposed the establishment of a Strategic Bitcoin Reserve (SBR), which was based on the growing interest in SBR among federal and state policymakers and the sharp rise in Bitcoin prices after Trump's election as president (he campaigned on pro-Bitcoin policies). In an interview with the media, Sorrell emphasized his belief that the long-term success of Bitcoin and cryptocurrencies is inevitable: "The debate about whether cryptocurrencies will succeed is over." He further emphasized the value of digital assets in expanding the state's investment portfolio: "As of now, cryptocurrencies are a $3 trillion asset class, and the state has zero investment in cryptocurrencies. It is also the fastest growing asset class with the greatest potential for price appreciation." In addition, he said that there are three main goals for establishing an SBR: portfolio diversification, cryptocurrency-friendly positioning, and protection against currency-related risks. "What happens if inflation reaches 8% again? Bitcoin's value is not affected by the trend of the US dollar, it will strengthen our state's balance sheet, and can be used as collateral for future debt issuance." (Bitcoinist)