Paul Atkins

Donald Trump

Bitcoin

Andrew Sorrell, Alabama State Auditor General, joined a growing cast of figures calling for strategic Bitcoin reserves in the U.S.
The Alabama State Auditor suggested creating a Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) reserve as federal and state legislators flocked toward the idea after Donald Trump’s Nov. 6 victory. “The debate over whether crypto will succeed has ended,” Sorrell said, speaking to <a href="https://1819news.com/news/item/state-auditor-sorrell-calls-for-alabama-strategic-bitcoin-reserve-the-debate-over-whether-crypto-will-succeed-has-ended" target="_blank" rel="noopener noreferrer nofollow">1819 News</a> about the reasons for his supporting BTC.
Sorrell asserted that establishing a strategic BTC reserve would help Alabama, and other U.S. states, diversify government portfolios, hedge against fiat-related risks and inflation, and position jurisdictions as crypto-friendly business areas.
The Alabama Auditor General advised caution, proposing that the state follow a federal bill presented by Wyoming Senator Cynthia Lummis and adopt a dollar-cost average plan. DCA-ing involves buying predetermined amounts of an asset over a given period. Sorrell suggested that Alabama accumulates its reserve over two years.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 The framework the state should follow would be to dollar-cost-average our way in over 2 years. Bitcoin just crossed over $100,000 recently, so buying into a bull market may not be the best timing. A better strategy is monthly purchases over a 2-year period that average out your entry price.
 Andrew Sorrell, Alabama State Auditor General
</blockquote>
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Sorrell’s proposal mirrored increasing State-backed demand for a BTC reserve, an idea catapulted by promises from President-elect Donald Trump and his incoming administration.
Trump has tapped industry leaders like Coinbase CEO Brian Armstrong for advice, <a href="https://crypto.news/trump-pick-david-sacks-as-white-house-ai-crypto-czar/" target="_blank" rel="noopener noreferrer nofollow">picked</a> Silicon Valley veteran David Sacks as the first crypto czar, and <a href="https://crypto.news/president-trump-confirms-paul-atkins-as-top-pick-for-sec-chair/" target="_blank" rel="noopener noreferrer nofollow">nominated</a> pro-crypto former federal regulator Paul Atkins as chair of the Securities and Exchange Commission.
Senator Lummis <a href="https://crypto.news/senator-lummis-u-s-is-going-to-build-a-strategic-btc-reserve/" target="_blank" rel="noopener noreferrer nofollow">moved</a> to improve on Trump’s pledge to retain America’s 207,000 BTC stockpile, about 1% of Bitcoin’s supply. The Senator’s BITCOIN bill would accumulate 4% of BTC’s 21 million fixed supply over five years, if approved by the Senate.
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Alabama State Auditor pitches Bitcoin reserve

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Other articles published on Dec 11, 2024

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