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Alabama State Auditor Sorrell supports the establishment of a strategic Bitcoin reserve, following in the footsteps of Russian leaders, as the topic of adopting Bitcoin (BTC) at the national level becomes a hot topic.
Since President Trump’s re-election, the U.S. has been at the forefront of advocating for strategic Bitcoin reserves. Senior officials at the Federal Reserve have compared Bitcoin to a superior form of digital gold, with a capped supply of 21 million. Meanwhile, the approval of spot Bitcoin ETFs has shone brightly on Wall Street, highlighting the growing demand from institutional investors.
Alabama is brewing plans to boost local investment and business development through a strategic Bitcoin reserve. State Auditor Andrew Sorrell emphasized that this move will build a barrier for the people of Alabama against soaring inflation and the undercurrents of global de-dollarization.
“A balanced portfolio should be inclusive, and cryptocurrencies—this $3 trillion asset class that the government has yet to enter and is growing at an astonishing rate—undoubtedly have limitless potential. While government bonds and securities have their value, at a 2.7% inflation rate, a 4% return is nearly unsustainable,” Sorrell remarked.
Dennis Porter, co-founder of the Satoshi Action Fund, asserts that a strategic Bitcoin reserve will intensify supply-demand tension. The influx of whale investors has further reduced the Bitcoin inventory on centralized exchanges to multi-year lows, falling below 2.26 million.
The Trump administration plans to purchase approximately 1 million Bitcoins over the next five years, which will undoubtedly significantly reduce Bitcoin supply and ignite a super bull market. On Tuesday, Eric Trump, executive vice president of the Trump Organization, boldly predicted that Bitcoin prices would easily surpass the $1 million mark, having previously broken through the $100,000 threshold for the first time.
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