Alabama State Auditor Andrew Sorrell is backing a proposal to create a state Bitcoin reserve, citing its potential to attract businesses and enhance financial stability. As a long-time supporter of cryptocurrency, Sorrell believes embracing crypto will bring benefits, including higher returns on investment compared to traditional assets like Treasuries.
Sorrell suggests modeling the Alabama Bitcoin reserve after the proposed Federal BTC reserve promised by President-elect Donald Trump. The state could invest in cryptocurrencies through exchange-traded funds (ETFs) available in the US market. Given its rapid growth and potential as a store of value, Sorrell believes Bitcoin is an attractive option, even if the US dollar loses its status as the global reserve currency.
Sorrell’s proposal comes amidst efforts to regulate crypto in Alabama. The state passed an act creating the Alabama Blockchain Study Commission, which will study crypto regulation, taxation, and mining before submitting a report in 2026. A bipartisan bill to exempt digital asset mining from security classification has also been introduced but failed this year.
As pro-crypto politicians in the state push for regulatory clarity, Sorrell’s proposal highlights the growing interest in Bitcoin as a financial tool for stability and growth.
Source: https://cointelegraph.com/news/alabama-auditor-bitcoin-reserve