BlackRock backs plan for US strategic Bitcoin reserve in response to executive order rumors
BlackRock, the world’s largest asset manager, has reportedly expressed support for the creation of a US Strategic Bitcoin (BTC) Reserve as states and the Trump administration move forward with plans to institutionalize the digital asset.
The CEO and co-founder of Satoshi Act Fund, Dennis Porter, shared the news, sparking discussions on Bitcoin’s role in national economic strategy.
While BlackRock, with over $10 trillion in assets under management, has not officially confirmed the endorsement, the firm has previously recognized Bitcoin as a potential hedge against inflation and a diversification tool for reserves.
Porter stated, “It’s a logical step for BlackRock to support a Strategic Bitcoin Reserve. Bitcoin aligns incentives. With BlackRock on board, they will advocate for policies that back the technology. When incentives are aligned, everyone benefits.”
Wyoming senator Cynthia Lummis has introduced the “Bitcoin Act” legislation for a strategic reserve, aiming for implementation within the first 100 days of Donald Trump’s presidency.
Porter also disclosed that the Trump administration is contemplating an executive order to formalize the reserve, in line with the president-elect’s favorable stance on Bitcoin.
Supporters argue that Bitcoin’s decentralized nature, limited supply, and independence from traditional monetary systems make it a valuable asset alongside gold to protect the US economy from currency devaluation.
However, critics have expressed concerns about Bitcoin’s volatility, environmental impact, and security risks. They fear that relying on a highly unpredictable asset could pose risks to the national economy and make it susceptible to security threats.
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