Fun

VanEck Gives Official Backing To Donald Trump’s Bitcoin Reserve Strategy

News Feed - 2024-11-20 05:11:40

On Tuesday, Matthew Sigel, the head of digital asset research at asset management firm and crypto exchange-traded fund (ETF) issuer VanEck, officially endorsedPresident-elect Donald Trump’s proposal for a national strategic Bitcoin 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), reaffirmingBlackRock’s support for the strategic Bitcoin reserve.  Related Reading Bitcoin Reaches New High Of $94,000: Blockstream CEO Anticipates $1 Million Ahead 3 hours ago


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 outlineda 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 Reserve 


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. 


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. Related Reading Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed 6 hours ago


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. The daily chart shows BTC’s price trending upwards. Source: BTCUSDT on TradingView.com


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

News Feed

Russia Developing Sandbox for Cross-border Crypto Payments
Russia Developing Sandbox for Cross-border Crypto Payments An institute facilitating Russian exports is now working on the establishment of a sandbox for international crypto payme
BCH Merchant Directories Now List 4,300 Bitcoin Cash-Accepting Businesses
BCH Merchant Directories Now List 4,300 Bitcoin Cash-Accepting Businesses Businesses around the world continue to adopt bitcoin cash (BCH) and in 2020 merchant acceptance continu
Former Ethereum dev Virgil Griffith asks for resentencing in North Korea case
Martin Young5 hours agoFormer Ethereum dev Virgil Griffith asks for resentencing in North Korea caseGriffith’s attorneys are asking for a sentence reduction from 63 months to 51 months or less.896 Total views2 Total sh
Crypto Mining Farm Uncovered in Russia’s Oldest Prison
Crypto Mining Farm Uncovered in Russia’s Oldest Prison Russian law enforcement officials are investigating a crypto mining operation at Butyrka, Russia’s oldest prison. A
Blockchain.com Launches Crypto Visa Card With 1% Cashback Crypto Rewards
Blockchain.com Launches Crypto Visa Card With 1% Cashback Crypto Rewards Crypto firm Blockchain.com has announced the launch of a new crypto-centric pre-paid Visa card and so far,
Bankrupt Crypto Lender Celsius Seeks to Reopen Withdrawals for Specific Customers
Bankrupt Crypto Lender Celsius Seeks to Reopen Withdrawals for Specific Customers Celsius Network Ltd., the crypto lender that filed for Chapter 11 bankruptcy protection on July 13
Social sim Today closes seed round to build Animal Crossings-like game with AI NPCs
Tristan Greene6 hours agoSocial sim Today closes seed round to build Animal Crossings-like game with AI NPCsThe project uses generative AI to power conversational nonplayer characters in a bespoke island metaverse.3004 T
Tom Blackstone7 hours agoPolygon launches POL token contract on Ethereum to eventually replace MATICThe team migrated the POL token contract to the Ethereum network, paving the way for it to replace MATIC in the future.2
Changpeng Zhao’s 4-month sentence a ‘general deterrence,’ says lawyer
Jesse Coghlan2 hours agoChangpeng Zhao’s 4-month sentence a ‘general deterrence,’ says lawyerCZ’s charges are serious, justified, and “sent a message” to the industry that compliance “must be taken seriousl
Putin Warns Cryptocurrencies Carry Risks, Admits They May Have Future
Putin Warns Cryptocurrencies Carry Risks, Admits They May Have Future Russian President Vladimir Putin has again spoken about cryptocurrencies, noting the “high risks”
$10,000 XRP Theory: Factors Analyst Shares Scenarios That Could Drive Growth
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Derek Andersen2 hours agoIsrael, Hong Kong complete retail CBDC test emphasizing privacy, inclusivityThe Hong Kong Monetary Authority, Bank of Israel and Bank for International Settlements teamed up to address the comple