VanEck 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.
Asset management firm VanEck is now officially showing their support for Bitcoin’s strategic reserve concept, which was announced by Donald Trump earlier this year.
The ETF issuer, which has $118 billion in assets under management, is now showing their support for the Bitcoin strategic reserve, which was announced by Trump at a crypto conference in July.
“For immidiate [sic] release: VanEck Endorses Strategic Bitcoin Reserve. No need for ‘sources’ we just tell you ourselves,”
Sigel stated on his X post, Nov. 20.
The endorsement follows Wyoming Republican Senator Cynthia Lummis proposing the measure to Congress, along with the Boost Innovation, Technology, and Competitiveness through Optimized Investment Nationwide, also known as the BITCOIN Act, earlier this year.
Later on, Pennsylvania introduced legislation that would allow the world’s most valuable digital asset to be included in the state’s strategic reserve. If passed, the bill would allow one of the swing states in this year’s U.S. election to allocate 10% of its strategic reserve to Bitcoin.
The Satoshi Action Fund, a Bitcoin advocacy group that supports the measure, has spoken with 10 other states about including the provision in their legislation.
VanEck, one of the world’s largest asset managers, is now showing their support for Trump’s proposal. Notably, the firm was the first to file for a futures-based Bitcoin ETF in the United States in 2017.
If passed by Congress, the measure would significantly alter the nation’s financial war chest, which is currently gold-heavy, and would allow the U.S. to keep rather than sell the Bitcoin it owns, which currently amounts to 69,370 BTC valued at $6.4 billion.
The BITCOIN Act would allow the U.S. government to purchase 1,000,000 BTC over the next five years or 200,000 BTC per year.
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