Key Takeaways
- Leading investment firms seem divided on the introduction of a strategic bitcoin reserve in the U.S.
- Donald Trump’s bold plans would see the cryptocurrency put on the same level as gold.
- American investment firm VanEck has publicly backed the reserve, while mixed messages have appeared from BlackRock.
As the re-elected Donald Trump gets closer to the White House, leading firms are sharing their stance on where they stand with his bold plans for crypto, including the creation of a strategic national Bitcoin reserve.
The move to put Bitcoin at the forefront of the government’s money strategy has seemingly divided some American investment firms.
On Tuesday, Nov. 19, VanEck publicly backed the reserve in response to sources stating that BlackRock was not endorsing the move.
VanEck and BlackRock Divided
Matthew Sigel, VanEck’s head of digital asset research, announced in a post on X that the American investment management firm was backing Trump’s Bitcoin proposal.
“For immediate release: VanEck Endorses Strategic Bitcoin Reserve. No need for ‘sources’ we just tell you ourselves,” Sigel said.
The post was in response to Eleanor Terrett, a journalist from Fox News, reporting that close sources to BlackRock said it would not be endorsing the reserve.
“Sources close to BlackRock tell FoxBusiness the big money manager is not endorsing a strategic $BTC reserve despite recent reports that it is,” Terrett said.
However, this was in direct contrast to claims from Dennis Porter, CEO and co-founder of the Satoshi Act Fund, who revealed that BlackRock would be backing the reserve.
BlackRock, which manages over $10 trillion in assets, has yet to release an official statement.
Bitcoin Strategic Reserve
In the lead-up to his re-election, Trump announced he wanted to incorporate Bitcoin into the national financial strategy through a “strategic Bitcoin reserve.”
The reserve would function similarly to traditional gold reserves, positioned as a hedge against inflation and as an alternative to fiat currency, which Trump argues could reduce the national debt in the long term.
Although Trump hasn’t provided a specific policy on how this would be enacted, self-proclaimed “Bitcoin senator” Cynthia Lummis recently suggested selling some of the government’s gold to fund the President-elect’s proposed Bitcoin stockpile.
Talking to Bloomberg, Lummis said: “We already have the financial assets in the form of gold certificates to convert to Bitcoin. So the effect on the U.S. balance sheet is pretty neutral.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
