Emily Walker
The original cryptocurrency has gained another supporter from the conventional finance world, with a notable investment firm expressing its backing for the idea of making Bitcoin a strategic reserve asset.
VanEck, a reputable name in the investment arena, has shown its endorsement for Bitcoin, highlighting the increasing interest the cryptocurrency is receiving from traditional financial institutions. This development is a significant step forward that could positively impact the overall cryptocurrency sector.
Bitcoin as a Strategic Reserve
The well-known asset management firm VanEck has officially thrown its weight behind Bitcoin, indicating its support for President-elect Donald Trump’s initiative to establish a national Bitcoin strategic reserve.
Matthew Sigel, who leads digital asset research at VanEck, publicly confirmed the firm’s position and pledged to advocate for Trump’s proposal.
FOR IMMEDIATE RELEASE:
VanEck Endorses Strategic Bitcoin Reserve.
No need for ‘sources’—we’ll just tell you ourselves.
— matthew sigel, recovering CFA (@matthew_sigel) November 19, 2024
VanEck joins BlackRock, another major asset manager, in supporting the concept of a U.S. Strategic Bitcoin Reserve, signaling a positive shift in the ongoing discussions regarding the role of digital currencies in U.S. economic policies.
Back in 2017, VanEck was a pioneer in advocating for the creation of a Bitcoin exchange-traded fund (ETF) in the United States.
Currently, VanEck holds over 13,000 Bitcoins, valued at approximately $1.2 billion.
Trump’s Crypto Vision
During his July campaign, Trump presented his strategy to position the United States as a leader in the cryptocurrency field, proposing the establishment of a “strategic national Bitcoin stockpile.”
He indicated that there would be a policy to retain all Bitcoin that the U.S. government “currently possesses or acquires in the future,” positioning this BTC stockpile as the foundation for a national strategic crypto reserve.
Throughout his campaign, Trump assured cryptocurrency enthusiasts and investors of his commitment to support the industry and promote deregulation. Many in the crypto community are now looking to the incoming President to fulfill these promises during his time in office.
Support for BTC Reserve is Growing
Recently, Dennis Porter, co-founder and CEO of the Satoshi Action Fund (SAF), revealed that BlackRock would also support the strategic Bitcoin reserve initiative.
Porter believes that the Trump administration will seek to create an executive order to formalize the Bitcoin reserve, offering a hopeful perspective on the future of the leading cryptocurrency.
He stated that appointing a “pro-Bitcoin Treasury Secretary” would be essential for moving forward with the establishment of the reserve.
Additionally, Wyoming Senator Cynthia Lummis recently introduced legislation that is vital to the development of the Bitcoin reserve.
Lummis is urging Congress to pass the Boost Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act.
If enacted, this bill would safeguard all Bitcoin owned by the U.S. government, prohibiting its sale. Current estimates suggest that the U.S. government possesses 69,370 BTC, worth around $6.4 billion.
Featured image from Reddit, chart from TradingView