CandleFocus

BlackRock supports US strategic Bitcoin reserve amid rumors of executive order

Author: Content Editor
The world's largest asset manager, BlackRock, is said to have endorsed the idea of creating a strategic Bitcoin reserve in the US. The CEO of the Satoshi Act Fund, Dennis Porter, revealed this development and believes that BlackRock will push for policies that support Bitcoin now that they are pro-Bitcoin. Wyoming Senator Cynthia Lummis has already introduced legislation for a strategic reserve called "The Bitcoin Act." The Trump administration is also considering an executive order to formalize the reserve. Proponents argue that Bitcoin's decentralized nature and independence from traditional monetary systems make it an ideal complement to gold for safeguarding the US economy against dollar devaluation. However, critics raise concerns about Bitcoin's volatility, environmental impact, and security risks. They argue that reliance on such an asset could expose the US economy to unnecessary risks and make it a prime target for bad actors.

Related News