Alabama Auditor Publicly Proposes Strategic Bitcoin Reserve

Odaily reports that recently, Alabama State Auditor Andrew Sorrell publicly proposed establishing a Strategic Bit Reserve (SBR), based on the growing interest of federal and state policymakers in SBR, as well as the significant rise in Bit price after the election of President Trump, who campaigned on a pro-Bit policy. In a media interview, Sorrell emphasized his belief in the inevitable long-term success of Bit and cryptocurrencies: "The debate on whether cryptocurrencies will succeed is over." He further emphasized the value of digital assets in expanding the national investment portfolio: "To date, cryptocurrencies are a $3 trillion asset class, and the nation has zero investment in cryptocurrencies. It is also the fastest-growing asset class with the greatest price appreciation potential." Furthermore, he stated that the establishment of the SBR has three main goals: portfolio diversification, a crypto-friendly positioning, and hedging against currency-related risks. "What if the inflation rate reaches 8% again? Bit's value is not affected by the US dollar trend, it will strengthen our nation's balance sheet and can be used as collateral for future debt issuance." (Bitcoinist)