BlackRock, VanEck Endorse Strategic Bitcoin Reserve, Signal Bullish Outlook

Nov 19, 2024, 04:25 PM

BlackRock, managing $11 trillion in assets, has announced its endorsement of a 'Strategic Bitcoin Reserve', signaling a significant shift in the financial industry's approach to Bitcoin. The investment giant has expressed a 'renewed sense of optimism' for Bitcoin, citing Donald Trump's potential influence and the creation of a strategic reserve as catalysts to accelerate and broaden Bitcoin's adoption. This move comes after BlackRock's recent purchase of $89.33 million worth of Bitcoin, indicating a bullish long-term outlook on the cryptocurrency. Additionally, VanEck, with $90 billion in assets, has also endorsed the strategic reserve, further highlighting the increasing optimism regarding regulatory clarity on Bitcoin and digital assets following the U.S. election.