The firstborn cryptocurrency has found another ally in the traditional financial sector after a respected global investment company affirmed its support for making Bitcoin a strategic reserve.

The backing of VanEck, a respected name in the investment sector, in Bitcoin shows the coin’s growing appeal even to traditional financial players, a remarkable milestone that could benefit the whole crypto space.

Bitcoin As A Strategic Reserve

Well-known asset manager VanEck announced that it is throwing its support to Bitcoin, saying that it will advocate for the plan of US President-elect Donald Trump to turn the crypto into a national strategic reserve.

Matthew Sigel, head of digital asset research at VanEck, made the official announcement of the investment firm’s stance on the idea, committing himself to champion Trump’s proposal.

FOR IMMEDIATE RELEASE:

VanEck Endorses Strategic Bitcoin Reserve.

No need for ‘sources’—we’ll just tell you ourselves. https://t.co/ZO28dqiBqC

— matthew sigel, recovering CFA (@matthew_sigel) November 19, 2024

VanEck will join fellow international asset manager BlackRock in the growing supporters of the US Strategic Bitcoin Reserve, another positive development on the intensifying discussion of the role of digital assets in American economic policy.

It can be recalled that in 2017, the global asset management company was the pioneer in pushing for a future-based BTC exchange-traded fund (ETF) in the country.

As of writing, VanEck holds over 13,000 BTC with an estimated value of over $1.2 billion.

Go to Source to See Full Article
Author: Christian Encila