Leading digital asset manager VanEck backs U.S. President-Elect Donald Trump’s proposal for a national Bitcoin reserve.
Matthew Sigel, head of digital asset research at VanEck, revealed the company’s endorsement for a strategic Bitcoin reserve in a press-style statement.
The endorsement comes after FOX Business journalist Eleanor Terrett reported that she learned from sources that BlackRock does not support Trump’s proposal for a strategic Bitcoin reserve.
She pointed out that the position contradicts rumors that suggested support from BlackRock. Reacting to Terrett’s report, Sigel emphasized that VanEck directly endorses the proposed strategic Bitcoin reserve, adding that the company does not need any sources to convey its position.
Nation Bitcoin Stockpile Discussions
For context, discussions about creating a Bitcoin stockpile in the U.S. gained momentum in July after Trump proposed the initiative at the Bitcoin Conference in Nashville.
Following Trump’s proposal, Senator Cynthia Lummis (R-WY) introduced the Bitcoin Act of 2024, proposing that the country create a strategic Bitcoin Reserve.
The bill mandates the U.S. to acquire up to 1 million Bitcoin to strengthen its financial stability. Specifically, it requires the country to acquire not more than 250,000 BTC annually over a five-year period and retaining the assets for a minimum of 20 years. The bill has gained significant attention since Trump’s victory in the Nov. 5 election.
Trump to Use Executive Order to Establish US Bitcoin Reserve
In a series of X posts, Dennis Porter, the co-founder and CEO of a Bitcoin advocacy group Satoshi Action Fund, claimed that Trump might establish a strategic Bitcoin Reserve using an executive order. He suggested the move would enable the U.S. President to beat other states seeking to pass the Bitcoin Reserve legislation into law.
He made the claim after sharing an open-source model to help states draft legislation for a strategic Bitcoin reserve. He said several lawmakers endorsed the model and vowed to pass the legislation across their respective states.
Meanwhile, several analysts project that other countries might also create a national Bitcoin reserve if the United States implements the initiative. Recall that Pennsylvania introduced a bill to use 10% of its $7 billion cash reserve to set up a state-managed Bitcoin reserve.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
