2024-11-20 23:56 |
On Tuesday, Matthew Sigel, the head of digital asset research at asset management firm and crypto exchange-traded fund (ETF) issuer VanEck, officially endorsed President-elect Donald Trump’s proposal for a national strategic Bitcoin reserve.
Major Financial Players AlignThis endorsement comes as discussions about BCT’s role in US economic policy are intensifying, most notably with Dennis Porter, co-founder and CEO of the non-profit Satoshi Action Fund (SAF), reaffirming BlackRock’s support for the strategic Bitcoin reserve.
Porter emphasized that the Trump administration is actively working towards creating this reserve through an executive order, highlighting a significant alignment among major financial players and lawmakers regarding Bitcoin’s future.
During a series of social media posts on X (formerly Twitter), Porter also outlined a series of steps he believes will facilitate the establishment of the strategic Bitcoin reserve, suggesting that the process will begin with Trump appointing a pro-Bitcoin Treasury Secretary.
Key Steps For Establishing A US Strategic Bitcoin ReservePorter asserts that Donald Trump would then sign an executive order to create the reserve, which would also involve halting the auction of Bitcoin currently held by the US Marshals Service.
The next phase would see the Treasury absorb these Bitcoin assets and place them into the Exchange Stabilization Fund. Over time, the Treasury would continue to accumulate Bitcoin for the reserve.
Porter also noted the importance of legislative support, stating that since executive orders can be easily reversed, it would be crucial for Congress to pass a formal bill establishing the strategic reserve, spearheaded by pro-crypto Senator Cynthia Lummis.
The potential for a US strategic Bitcoin reserve has generated substantial excitement in the market, contributing to Bitcoin’s recent surge to an all-time high of $94,000.
This reflects growing confidence among investors and speculation that such government actions could lead to significant buying pressure and further institutional adoption.
At the time of writing, BTC has fallen back to $93,380 after hitting its new all-time high, marking a 40% increase in just two weeks.
Featured image from DALL-E, chart from TradingView.com
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