{"id":653953,"date":"2024-11-19T20:56:40","date_gmt":"2024-11-19T20:56:40","guid":{"rendered":"https:\/\/www.wncen.com\/?p=653953"},"modified":"2024-11-19T20:56:40","modified_gmt":"2024-11-19T20:56:40","slug":"vaneck-gives-official-backing-to-donald-trumps-bitcoin-reserve-strategy","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/breaking-news-ticker\/vaneck-gives-official-backing-to-donald-trumps-bitcoin-reserve-strategy\/","title":{"rendered":"VanEck Gives Official Backing To Donald Trump’s Bitcoin Reserve Strategy"},"content":{"rendered":"

On Tuesday, Matthew Sigel, the head of digital asset research at asset management firm and crypto exchange-traded fund (ETF) issuer VanEck, officially <\/span>endorsed <\/span><\/a>President-elect Donald Trump\u2019s proposal for a national strategic Bitcoin reserve.\u00a0<\/span><\/p>\n

Major Financial Players Align<\/span><\/h2>\n

This 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), <\/span>reaffirming <\/span><\/a>BlackRock’s support for the strategic Bitcoin reserve.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Reaches New High Of $94,000: Blockstream CEO Anticipates $1 Million Ahead<\/a><\/div>\n

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\u2019s future.<\/span><\/p>\n

During a series of social media posts on X (formerly Twitter), Porter also <\/span>outlined <\/span><\/a>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.\u00a0<\/span><\/p>\n

Key Steps For Establishing A US Strategic Bitcoin Reserve\u00a0<\/span><\/h2>\n

Porter 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.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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