Alabama State Auditor Proposes Establishing Strategic Bitcoin Reserves

2024-12-11 21:21:09

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ChainCatcher news, according to Bitcoinist, recently, Alabama State Auditor Andrew Sorrell publicly proposed the establishment of a Strategic Bitcoin Reserve (SBR). This proposal is based on the growing interest of federal and state policymakers in SBRs, as well as the backdrop of a significant increase in Bitcoin prices following Trump's election as president.

In a media interview, Sorrell emphasized what he believes to be the inevitability of long-term success for Bitcoin and cryptocurrencies: "The debate about whether cryptocurrencies will succeed is over. To date, cryptocurrencies represent a $3 trillion asset class, while the state's investment in cryptocurrencies is zero. It is also the fastest-growing asset class with the greatest potential for price appreciation."

Additionally, he stated that the establishment of the SBR has three main objectives: portfolio diversification, cryptocurrency-friendly positioning, and safeguarding against currency-related risks.

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