By crypto.news | Created at 2024-11-19 23:40:28 | Updated at 2024-11-22 08:37:53
2 days ago
VanEck’s head of digital asset research, Matthew Sigel, officially announced that the asset management firm advocates the concept of Bitcoin’s strategic reserve.
Donald Trump’s plan to make Bitcoin the most valuable asset in the nation is gaining support from the financial industry. The exchange-traded fund (ETF) issuer, with $118 billion in assets under management, supports the idea of Bitcoin strategic reserve, which Trump announced at the crypto conference in July.
“For immidiate release: VanEck Endorses Strategic Bitcoin Reserve. No need for ‘sources’ we just tell you ourselves,”
Sigel mentioned on his X post, Nov. 20
The endorsement comes after the Wyoming Republican Senator Cynthia Lummis, who is proposing it to Congress. She also suggested the Boost Innovation, Technology, and Competitiveness through Optimized Investment Nationwide, named the BITCOIN Act earlier this year.
Pennsylvania later followed the initiative by introducing the act that would allow the most valuable digital asset in the world to be counted as a strategic reserve. If the bill passed, one of the swing states in the U.S. election this year would let 10% room of their strategic reserve for Bitcoin.
Bitcoin’s advocacy group, which supports this idea, Satoshi Action Fund, has spoken to 10 other states about making the same regulations to their bill.
VanEck crypto product record
VanEck is known for being one of the world’s largest asset managers who support Trump’s idea. It was also noted as the first company to propose a future-based Bitcoin ETF in the U.S. in 2017.
If Congress passes the bill, it will shape the future of the nation’s financial budget, which is now dominated by gold. It also would allow Bitcoin owned by the U.S., approximately 69,370 BTC worth $6.4 billion, to be kept rather than sold.
The BITCOIN Act will permit the U.S. government to acquire 1,000,000 BTC in the next five years or 200,000 BTC annually.
