“there are worse things than
being alone
but it often takes decades
to realize this
and most often
when you do
it's too late
and there's nothing worse
than
too late.”
―Charles Bukowski
It’s not too late, Alabama.
In February of this year, I suggested:
The state of Alabama should buy into Bitcoin.
…
For the sake of her people’s long-run prosperity, Alabama should engage with this growing technology with a sense of curiosity, respect, and opportunity. It would be a shame to, once again, be behind the curve and last to the party.
At the time, the exchange rate of Bitcoin to dollars was approximately $52,000 per 1 BTC.
Since then, Bitcoin’s dollar valuation has nearly doubled. Not only have spot Bitcoin ETFs been a stellar success over the last year, but the return of Donald Trump to the White House bodes well for the future of Bitcoin and the larger cryptocurrency economy.
“This afternoon, I'm laying out my plan,” Trump told the 2024 Bitcoin Conference in July, “to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world.”
Trump continued, making several promises to the packed house of Bitcoiners:
If bitcoin is going to the moon, as we say, it's going to the moon, I want America to be the nation that leads the way. And that's what's going to happen.
…
And no longer will your government sit by and watch as Bitcoin jobs and businesses flee to other countries, because America's laws are too unclear and too tough and too angry and too stiff. We will keep each and every Bitcoin job in the United States of America, that's what we're going to be doing. Upon taking office, I will immediately appoint a Bitcoin and crypto Presidential Advisory Council. … Their task will be to design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days. We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry. People that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive, not dive.
…
Many Americans do not realize that the United States government is among the largest holders of bitcoin. Does anyone know that? How about that? The federal government has almost 210,000 bitcoin or 1% total supply that will ever exist. But for too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin. … And so as the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future, we'll keep 100%. I hope you do well, please. This will serve, in effect, as the core of the strategic national bitcoin stockpile.
Since Trump’s election victory, Bitcoin's spot price has increased roughly 40%. People are apparently buying into Trump’s campaign promises by buying more Bitcoin.
Trump’s recent selection of Scott Bessent as treasury secretary only bolsters the bull case. Not only will the new Trump administration foster a more friendly regulatory environment for digital assets – the U.S. government will begin to buy Bitcoin to build a BTC strategic reserve.
On that front, U.S. Sen. Cynthia Lummis (R-WY) has promised to reintroduce legislation in the United States Senate to create a U.S. strategic reserve of 1 million Bitcoins (an effort I hope Sens. Tuberville and Britt will support), while Reuters reports that Trump’s “Crypto Council” is ready to implement the much-promised national stockpile.
But it’s not just the U.S. federal government potentially looking to buy Bitcoin.
At the state level, legislation was recently introduced in Pennsylvania to set up a Bitcoin strategic reserve for the commonwealth.
“The new bill, called the Pennsylvania Bitcoin Strategic Reserve Act, introduced in the Pennsylvania House of Representatives on Thursday, is the first of its kind,” reports Fox Business, “and would allow the state’s treasury to allocate up to 10% of its roughly $7 billion state funds into bitcoin as a way to help combat inflation and diversify its investments beyond traditional assets like bonds and cash reserves.”
It’s not too late, Alabama.
The cat is jumping Bitcoin’s way, and Alabama can still be an early adopter without having to go it alone. We just need to copy Trump and Pennsylvania’s lead before too many other copycats leap at the opportunity.
Joey Clark is a native Alabamian and is currently the host of the radio program News and Views on News Talk 93.1 FM WACV out of Montgomery, AL M-F 12 p.m. - 3 p.m. His column appears every Tuesday in 1819 News. To contact Joey for media or speaking appearances as well as any feedback, please email joeyclarklive@gmail.com. Follow him on X @TheJoeyClark or watch the radio show livestream.
The views and opinions expressed here are those of the author and do not necessarily reflect the policy or position of 1819 News. To comment, please send an email with your name and contact information to Commentary@1819news.com.
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