 Alabama should establish Bitcoin reserve, says state auditor 
2024-12-12
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Alabama state auditor Andrew Sorrell has endorsed the establishment of a state Bitcoin reserve in an interview with a local publication.
The many pros of crypto
Sorrell is a former state legislator and long-time supporter of cryptocurrency. Sorrell told 1819 News that embracing cryptocurrency would attract business to the state and enhance the stability of the state’s finances.
“Crypto is here to stay,” Sorrell said, and “the fight for which states will benefit from it has begun.” Furthermore:
The introduction of Bitcoin BTCUSD and Ether ETHUSD exchange-traded funds (ETFs) in the United States makes it possible for the state to invest in those cryptocurrencies as easily as purchasing stock through a brokerage. Cryptocurrency represents a better value, however:
Sorrell said the Alabama Bitcoin reserve should be modeled on the Federal Reserve promised by President-elect Donald Trump. Since BTC is in a bull market, Sorrell suggested building up the reserve with monthly buys over two years. Diversifying away from the US dollar would be prudent:
Alabama making slow progress on crypto
Alabama is home to many pro-crypto politicians on the state and federal levels. US Senator Tommy Tuberville is perhaps the most active pro-crypto federal legislator.
The state passed an act to create the Alabama Blockchain Study Commission in May. The commission will study crypto regulation, taxation, mining and other questions and dissolve after submitting a report to the Legislature in 2026.
A bipartisan bill to prohibit the state from restricting digital asset storage or mining or levying additional taxes on digital assets and to “exempt digital asset mining, staking, and the operation of a node from classification as a security or money transmission” failed to pass this year.