Catenaa, Wednesday, November 20, 2024- VanEck, a global asset management firm with $118 billion in assets, has officially endorsed Bitcoin as a strategic reserve asset.
Matthew Sigel, head of digital asset research at VanEck, announced the firm’s support in a post on X, aligning with former President Donald Trump’s vision of Bitcoin as the nation’s most valuable asset.1
The endorsement follows legislative efforts led by Wyoming Senator Cynthia Lummis, who introduced the BITCOIN Act to Congress, advocating for Bitcoin to be counted as a strategic reserve. Pennsylvania has since joined the initiative, proposing to allocate 10% of its strategic reserve to Bitcoin.
The Satoshi Action Fund, a Bitcoin advocacy group, is engaging with additional states to adopt similar measures.
VanEck’s endorsement adds significant weight to the idea, which could reshape U.S. financial policies. If passed, the BITCOIN Act would allow the U.S. to acquire up to 1 million BTC over the next five years, reinforcing Bitcoin’s role in the nation’s financial future.
VanEck has long been a supporter of cryptocurrency, famously proposing the first Bitcoin futures-based ETF in 2017.
