VanEck officially supports Bitcoin’s strategic reserve

VanEck’s head of digital asset research, Matthew Sigel, officially announced that the asset management firm is advocating the concept of Bitcoin’s strategic reserve.

Donald Trump’s plan to make Bitcoin the most valuable asset in the country is gaining support from the financial sector. The exchange-traded fund (ETF) issuer, which has $118 billion in assets under management, supports the idea of ​​a Bitcoin strategic reserve that Trump announced at his crypto conference in July.

“For immediate release: VanEck Confirms Strategic Bitcoin Reserve. There is no need for a ‘source’, we just tell it ourselves.”

Sigel mentioned in X post on November 20

The approval came after Wyoming Republican Sen. Cynthia Lummis proposed it to Congress. He also proposed Enhancing Innovation, Technology, and Competitiveness through Nationwide Optimized Investment, dubbed the BITCOIN Act, earlier this year.

Pennsylvania later followed up by introducing legislation that would allow the most valuable digital asset in the world to be counted as a strategic reserve. If the bill passes, one of the swing states in this year’s US elections would give 10% of its strategic reserves to Bitcoin.

Bitcoin advocacy group Satoshi Action Fund, which supports the idea, has approached 10 other states about including the same regulations in their own bills.

VanEck crypto product registration

VanEck is known as one of the world’s largest asset managers who supports Trump’s idea. It was also noted that it was the first company in the US to propose a future-based Bitcoin ETF in 2017.

If Congress approves the bill, it will shape the future of the country’s financial budget, which is now dominated by gold. It will also allow approximately 69,370 BTC belonging to the United States, worth $6.4 billion, to be stored instead of sold.

The BITCOIN Act will allow the US government to acquire 1,000,000 BTC over the next five years, or 200,000 BTC annually.