Matthew Sigel is the new head of crypto-asset research at VanEck. He was previously the chief analyst for VanEck’s asset management and exchange-traded funds (ETFs). endorsed Donald Trump’s proposed national Bitcoin strategic reserve.
Major Financial Players Align
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), reaffirming BlackRock’s support for the strategic Bitcoin reserve.
Porter stressed that the Trump Administration is working actively to create this reserve via an executive order. This highlights a major alignment between financial players and legislators regarding Bitcoin’s potential.
Porter, who has been active on social media sites such as X and Twitter for some time now, also posted a few posts. outlined He believes that a number of steps will be taken to facilitate the creation of the Bitcoin strategic reserve. Trump has suggested the first step will be the appointment of a pro Bitcoin Treasury Secretary.
Key Steps For Establishing A US Strategic Bitcoin Reserve
Porter claims that Donald Trump will sign an executive directive to establish the reserve. This would include halting auctions of Bitcoin held currently by US Marshals Service.
Next, Treasury will take these Bitcoins and deposit them in the Exchange Stabilization Fund. As time goes on, the Treasury continues to acquire Bitcoin for reserve.
Porter also stressed the need for legislative support. He said that executive orders are easily reversible, so it is important to have Congress pass legislation establishing a strategic reserve. This bill would be spearheaded by crypto-friendly Senator Cynthia Lummis.
Bitcoin recently reached an all-time record of $94,000 due to the recent excitement on the market.
The growing optimism among investors is reflected in the speculation that government action could result in a significant increase of institutional adoption and buying pressure.
BTC is currently trading at $93,380, down from its previous all-time record high. This represents a 40% rise in only two weeks.
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Source: www.newsbtc.com
