Digital asset management leader VanEck has thrown its weight behind President-Elect Donald Trump’s initiative to establish a national Bitcoin reserve.
Matthew Sigel, the head of digital asset research at VanEck, shared the company’s support for a strategic Bitcoin stockpile in an official statement. His endorsement follows a report by FOX Business’ Eleanor Terrett, who revealed that BlackRock, contrary to prior rumors, does not back Trump’s Bitcoin reserve plan.
Sigel responded by reaffirming VanEck’s clear stance, emphasizing that their support for the proposal is publicly stated, without needing any third-party confirmation.
Nation Bitcoin Stockpile Discussions
The idea of creating a Bitcoin stockpile in the U.S. started gaining traction in July, when Trump first proposed it at the Bitcoin Conference in Nashville. Soon after, Senator Cynthia Lummis (R-WY) introduced the Bitcoin Act of 2024, a bill that advocates for the U.S. to amass up to 1 million Bitcoin as part of a strategic reserve.
The bill stipulates that the U.S. should accumulate no more than 250,000 BTC annually over the next five years, with the assets held for a minimum of 20 years. This legislation has generated significant attention, especially following Trump’s victory in the November 5 election.
Trump to Use Executive Order to Establish US Bitcoin Reserve
Dennis Porter, co-founder and CEO of the Bitcoin advocacy group Satoshi Action Fund, has speculated that Trump could use an executive order to create the Bitcoin reserve. Porter believes that this move would allow the U.S. to outpace other countries looking to pass similar legislation.
Porter shared an open-source framework to assist states in drafting their own Bitcoin reserve bills, and several lawmakers have expressed support, promising to introduce the proposal in their respective states.
Meanwhile, analysts predict that the U.S. initiative could spark a global trend, with other countries also looking to establish their own national Bitcoin reserves. For instance, Pennsylvania has already proposed using 10% of its $7 billion cash reserve to create a state-managed Bitcoin stockpile.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article represent the author’s opinions and do not reflect those of The Crypto Basic. Readers are encouraged to conduct their own research before making investment decisions. The Crypto Basic is not responsible for any financial losses.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
