As a seasoned researcher with a knack for deciphering financial trends and a penchant for the digital realm, this latest development has piqued my interest significantly. The endorsement of Bitcoin’s strategic reserve by VanEck, a heavyweight in the asset management industry, is a clear indication that the cryptocurrency is gaining traction in mainstream finance.
According to Matthew Sigel, who leads digital asset research at VanEck, the financial company endorses the idea of maintaining a strategic reserve for Bitcoin.
The notion of Donald Trump’s strategy to elevate Bitcoin as a highly valued national asset is receiving backing from the financial sector. Specifically, an exchange-traded fund (ETF) manager with $118 billion in assets under its control is expressing approval for Trump’s proposed Bitcoin strategic reserve, a concept he introduced during his speech at the cryptocurrency conference held in July.
As a crypto investor, I’m thrilled to announce that I personally endorse VanEck’s strategic Bitcoin Reserve. We’re not playing games here; this is coming straight from us without the need for any ‘sources’.
Sigel mentioned on his X post, Nov. 20
1) The approval follows the proposal of the Bitcoin Act (BITCOIN Act), which was put forth by Wyoming Republican Senator Cynthia Lummis to Congress earlier this year. She also advocates for this bill, titled Boost Innovation, Technology, and Competitiveness through Optimized Investment Nationwide.
After taking inspiration from the initial move, Pennsylvania subsequently proposed a law enabling the highest-valued digital asset globally to be recognized as part of their strategic reserves. If the bill is approved, one of the key states in the U.S. election this year could allocate up to 10% of its strategic reserve for Bitcoin.
The backing organization for Bitcoin, known as the Satoshi Action Fund, has reached out to 10 additional states to discuss implementing similar legislative measures in their bills.
VanEck crypto product record
VanEck is recognized globally as one of the biggest asset management companies that endorse Donald Trump’s proposals. Furthermore, it was the pioneer in submitting a proposal for a Bitcoin ETF based on futures contracts in the United States back in 2017.
Should the proposed legislation be enacted, it will significantly influence the country’s fiscal plan, currently centered around gold. Moreover, it provides an option for the U.S. government to hold onto its Bitcoin reserves, approximately 69,370 BTC valued at around $6.4 billion, instead of liquidating them.
Under the BITCOIN Act, the U.S. government would be allowed to purchase approximately 1 million Bitcoins over the next five years, which translates to about 200,000 Bitcoins each year.
Read More
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- AI16Z PREDICTION. AI16Z cryptocurrency
- POL PREDICTION. POL cryptocurrency
- Li Haslett Chen to Leave Warner Bros. Discovery Board
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- ‘Kraven the Hunter & ‘Madame Web’ Box Office Disaster Blamed on Media Scrutiny
- Blockaid new dashboard to track Web3 activity and threats
- Shiba Inu, Bonk, Pepe prices rebound: Beware of dead cat bounce
- Crypto x AI makes up just 1% of crypto market cap, says analyst
2024-11-20 02:34