On Tuesday, Matthew Sigel, Head of Digital Assets Research at asset management firm and cryptocurrency ETF issuer VanEck, officially supported President-elect Donald Trump's proposal for a national strategic Bitcoin reserve.
Major financial players are aligning
This recognition comes amid intensified discussions about the role of BCT in U.S. economic policy, notably with Dennis Porter, co-founder and CEO of the nonprofit Satoshi Action Fund (SAF), reiterating BlackRock's support for a strategic Bitcoin reserve.
Porter emphasized that the Trump administration is actively working to establish this reserve through an executive order, highlighting the strong consensus among major financial players and legislators regarding the future of Bitcoin.
In a series of social media posts on X (formerly Twitter), Porter also outlined a series of steps he believes will facilitate the establishment of a strategic Bitcoin reserve, suggesting that the process will start with Trump appointing a pro-Bitcoin Treasury Secretary.
Key steps to establish a U.S. strategic Bitcoin reserve
Porter asserted that Donald Trump will subsequently sign an executive order to create the reserve, which will also involve halting the current Bitcoin auctions held by the U.S. Marshals Service.
In the next phase, the Treasury will absorb these Bitcoin assets and place them into the exchange stabilization fund. Over time, the Treasury will continue to accumulate Bitcoin as reserves.
Porter also highlighted the importance of legislative support, stating that since executive orders can be easily revoked, Congress must pass a formal bill led by pro-cryptocurrency Senator Cynthia Lummis to establish the strategic reserve.
The potential of a U.S. strategic Bitcoin reserve has generated tremendous excitement in the market, leading Bitcoin to recently soar to an all-time high of $94,000.
This reflects the growing confidence of investors, speculating that such actions by the government could lead to massive buying pressure and further institutional adoption.
At the time of writing, BTC has pulled back to $93,380 after hitting an all-time high, rising 40% in just two weeks.
