After a respectable global investment firm affirmed their support for Bitcoin to be a strategic reserve, the firstborn cryptocurrency found another ally within the traditional financial industry.
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VanEck is a respected name within the investment industry. Their backing for Bitcoin shows how the coin has grown in popularity, even with traditional financial players. It’s a milestone that could be beneficial to the entire crypto world.
Bitcoin as a Strategic Reserve
VanEck, the well-known asset manager, has announced that it supports Bitcoin and will support the plan of Donald Trump as he turns the crypto currency into a national strategy reserve.
Matthew Sigel, the head of VanEck’s digital asset analysis, announced the investment firm’s position on the idea. Sigel also pledged his support for Trump’s proposal.
FOR IMMEDIATE PUBLISHING:
VanEck endorses Strategic Bitcoin Reserve
No need for ‘sources’—we’ll just tell you ourselves. https://t.co/ZO28dqiBqC
— matthew sigel, recovering CFA (@matthew_sigel) November 19, 2024
VanEck has joined BlackRock and other international asset managers in supporting the US Strategic Bitcoin Reserve. Another positive development regarding the intensifying debate about digital assets as part of American economic policy.
You may recall that the global asset manager was the first to push for an BTC-based exchange-traded funds (ETF) within the country in 2017.
VanEck has over 13,000 BTC worth an estimated $1.2 billion.
BTCUSD currently trades at $93,898. Chart: TradingView
Trump’s Vision On Crypto
Trump announced his plans to create a cryptocurrency exchange in a July campaign. “strategic national Bitcoin stockpile” In the country
Trump has said that he intends to make it his policy to keep the Bitcoins owned by the US government. “currently holds or acquires into the future”The BTC stockpile, he said, will form the core of a strategic national crypto reserve.
Trump promised investors and cryptocurrency players that he would be a champion of the industry and promote its deregulation during his campaign. Now, the entire crypto-space is counting on Trump to fulfill this promise during his presidency.
Image: Securities.io
BTC Reserve Gains Support
Dennis Porter, co-founder of Satoshi Action Fund and CEO of BlackRock, confirmed earlier this week that the concept for a strategic Bitcoin reserve will be supported by BlackRock.
Porter is optimistic about the future of alpha crypto, believing that Trump will push for an executive order to establish the BTC Reserve.
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He also said that appointing an official to oversee the reserve was the first thing needed. “pro-Bitcoin Treasury Secretary” Who can initiate the creation the of strategic reserve?
Cynthia Lummis, a Wyoming Republican senator, has introduced legislation which would be crucial to the strategic Bitcoin Reserve concept.
Lummis urged Congress in the US to pass the Boosting Innovation, Technology, Competitiveness, and Investment Nationwide through Optimized Investment Nationwide Act (BITCOIN).
Lummis’ bill will ensure that all Bitcoins owned by the American Government are preserved, and not sold. The US government is estimated to hold 69,370 BTC valued at $6.4 billion.
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