VanEck Pushes for Strategic Bitcoin Reserve, Opposing BlackRock
2024-11-20

The Bitcoin reserve campaign in the US continues to gain momentum, with more players showing support by the day. With endorsements at state and national levels, prospects continue to grow for the US stockpile of Bitcoin BTCUSD to reach 1 million coins eventually.
Nevertheless, skeptics also exist, with some pushing that a Bitcoin reserve would be detrimental to the United States.
VanEck Joins Bitcoin Reserve Campaign
VanEck’s head of research, Mathew Sigel, announced the company’s full endorsement of a strategic Bitcoin reserve, signaling growing institutional support for the concept.
“FOR IMMEDIATE RELEASE: VanEck Endorses Strategic Bitcoin Reserve. No need for ‘sources’ — we’ll just tell you ourselves,” Sigel declared.
The Bitcoin Reserve movement, which aims to position Bitcoin as a national or state-held reserve asset, has been gaining traction. It follows President-elect Donald Trump’s public advocacy four months ago.
During a speech, Trump proposed replacing Gary Gensler at the SEC and highlighted Bitcoin’s potential to bolster national reserves. He said, “Bitcoin Reserve is the future,” sparking a wave of interest among policymakers and financial institutions.  Donald Trump on Bitcoin Reserve in the US
Prominent political figures, including Senator Cynthia Lummis, have also lent their support. Lummis recently proposed selling portions of the US gold reserves to acquire Bitcoin. The senator, a long-time Bitcoin advocate, believes that diversifying the nation’s reserve assets with digital currencies could strengthen financial resilience. Her efforts have garnered bipartisan attention, with ongoing debates in Congress about the viability of such a move. 
Meanwhile, US states are also entering the fray. Florida State’s CFO has publicly endorsed a Bitcoin reserve strategy. In the same way, Pennsylvania lawmakers recently introduced a bill advocating for a state-level Bitcoin reserve. These developments suggest a decentralized push toward integrating Bitcoin into government balance sheets. 
The campaign has extended beyond US borders. Poland’s libertarian leader, Sławomir Mentzen, promised to pursue a national Bitcoin reserve strategy if elected. Mentzen’s pledge reflects the international appeal of Bitcoin as a modern monetary asset capable of countering inflationary pressures and enhancing fiscal sovereignty. 
BlackRock’s Cautious Approach 
Amid the rise of the BTC Reserve movement, BlackRock, the world’s largest asset manager, has adopted a more measured stance. While VanEck openly supports the concept, Fox Business correspondent Eleanor Terret reported that BlackRock is skeptical.
“Sources close to BlackRock tell Fox Business the big money manager is not endorsing a strategic BTC reserve despite recent reports that it is,” Terrett shared.
However, BlackRock’s actions paint a complex picture. The firm’s Bitcoin ETF recently surpassed $40 billion in assets under management (AUM), setting industry speed records. BlackRock has also increased its Bitcoin exposure by investing heavily in MicroStrategy, a company known for its substantial Bitcoin holdings. The asset manager also acquired $680 million in Bitcoin through its IBIT ETF and direct investments. Meanwhile, critics remain skeptical of BlackRock’s intentions.
“BlackRock is playing the Franklin Templeton game—they are pushing the ETF but know they are really here for the tokenization,” one user shared on X.
This viewpoint suggests that BlackRock’s endgame may be less about Bitcoin adoption and more about the broader application of blockchain technology for asset tokenization. Meanwhile, data on Arkham shows BlackRock’s Bitcoin stash has reached 471,707K BTC, valued at $43.53 billion as of this writing.
Adding to the skepticism, billionaire investor Mike Novogratz recently expressed doubt about the feasibility of a US Bitcoin reserve. Novogratz believes Bitcoin remains too volatile and politically divisive to become a core government asset in the near term. 
“It’s a low probability. While the Republicans control the Senate, they don’t have close to 60 seats. I think that it would be very smart for the United States to take the Bitcoin they have and maybe add some to it… I don’t necessarily think that the dollar needs anything to back it up,” Novogratz claimed.
Despite divergent views, the BTC Reserve campaign has undeniably gained momentum. It has drawn attention from global policymakers, financial institutions, and private investors. Whether through state-led initiatives, international adoption, or institutional investments like BlackRock’s ETF, Bitcoin’s role in the global financial system continues to grow. 
“In addition to the macro environment, there is a renewed sense of optimism that regulatory clarity for bitcoin and digital assets more broadly may emerge following the US election. President-elect Donald Trump campaigned on maintaining a strategic bitcoin reserve, while pro-crypto politicians in the House and Senate races from both sides of the aisle enjoyed electoral success. The macro-environment combined with supportive policies could combine to accelerate and broaden Bitcoin’s adoption,” BlackRock shared.
VanEck’s public endorsement, coupled with growing interest from figures like Senator Lummis and international leaders, could mark a tipping point in the integration of digital assets into mainstream financial strategies.
As debates intensify, the question remains whether Bitcoin will become the gold standard of the digital age or whether its volatility and skepticism from major players like BlackRock will hinder its adoption as a reserve asset. 
Bitcoin is up by a modest 0.59% as of this writing. BeInCrypto data shows the pioneer crypto is trading at $92,207.