As an analyst with over a decade of experience in the financial industry, I have witnessed the ebb and flow of trends and the influence of key players in shaping market dynamics. The recent endorsement of President-elect Donald Trump’s proposal for a national strategic Bitcoin reserve by Matthew Sigel, VanEck’s head of digital asset research, is a significant development that underscores the growing acceptance of cryptocurrencies in mainstream finance.
On Tuesday, Matthew Sigel, who is in charge of digital asset research at the financial company and crypto ETF provider VanEck, publicly supported Donald Trump’s plan to establish a strategic Bitcoin reserve at a national level.
Major Financial Players Align
This endorsement is given at a time when debates about BlackRock’s influence on U.S. economic policy are gaining momentum, particularly with Dennis Porter, the co-founder and CEO of the nonprofit Satoshi Action Fund, confirming that BlackRock continues to back the idea of maintaining a strategic Bitcoin reserve.
Porter pointed out that the Trump administration is taking active steps to establish this reserve using an executive order. This action indicates a strong agreement among prominent financial figures and legislators about Bitcoin’s potential future.
Through a sequence of posts on the platform previously known as Twitter, Porter proposed a set of actions he thinks could lead to the creation of a strategic Bitcoin reserve. He hinted that this initiative might kick off when President Trump selects a Secretary of the Treasury who is supportive of Bitcoin to start the process.
Key Steps For Establishing A US Strategic Bitcoin Reserve
According to Porter’s explanation, if the situation unfolds as he predicts, Donald Trump might issue an executive order establishing a reserve, and this action would include stopping the sale of Bitcoins owned by the U.S. Marshals Service at present.
In the upcoming stage, these Bitcoin holdings will be taken over by the Treasury and stored in the Exchange Stabilization Fund. Gradually, the Treasury aims to increase its Bitcoin reserves by acquiring more of this digital currency over time.
Additionally, Porter emphasized the need for legislative backing, pointing out that executive orders may be quickly overturned. Thus, he stressed that it’s essential for Congress to enact a formal law creating the strategic reserve, with Senator Cynthia Lummis leading the pro-cryptocurrency charge.
There’s been significant buzz in the market about the possibility of a U.S. strategic Bitcoin reserve, which could be one reason behind Bitcoin reaching its record peak of $94,000.
This indicates increasing trust from investors, along with anticipation that these government actions might trigger substantial purchasing activity and wider acceptance by institutions.
Currently, Bitcoin (BTC) has retreated to $93,380 following its record-breaking peak, signifying a remarkable 40% surge over the past fortnight.
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2024-11-20 00:04