BlackRock supports US strategic Bitcoin reserve amid rumors of executive order BlackRock supports US strategic Bitcoin reserve amid rumors of executive order
Porter also revealed that state governments are rushing to pass legislation establishing their own Strategic Bitcoin Reserves before Trump signs an executive order.
2 min read
Updated: Nov. 19, 2024 at 6:08 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The world’s largest asset manager, BlackRock, has reportedly endorsed the idea of creating a US Strategic Bitcoin (BTC) Reserve as states and the Trump administration accelerate plans to institutionalize the digital asset.
Satoshi Act Fund CEO and co-founder Dennis Porter revealed the development, which has sparked renewed debates over Bitcoin’s role in national economic strategy.
BlackRock, which manages more than $10 trillion in assets, has yet to release an official statement confirming the claim. However, the firm has previously highlighted Bitcoin’s potential as a hedge against inflation and a diversification tool for reserves.
Porter told CryptoSlate:
“It’s a no-brainer for BlackRock to push for a Strategic Bitcoin Reserve. Bitcoin aligns incentives. Now that BlackRock is pro-Bitcoin, they will push for policy that supports the technology. When incentives align, we all win.”
Wyoming senator Cynthia Lummis has already introduced legislation for a strategic reserve called “The Bitcoin Act” and previously stated that it would be implemented within the first 100 days of Donald Trump taking office.
The bill has become the fourth most viewed US legislative document as of Nov. 19.
Government advancing plans
Porter also revealed that the Trump administration is considering an executive order to formalize the reserve, aligning with the president-elect’s broader pro-Bitcoin stance.
Advocates argue that Bitcoin’s decentralized nature, finite supply, and independence from traditional monetary systems make it an ideal complement to gold for safeguarding the U.S. economy against dollar devaluation.
Additionally, Porter said that state governments are rushing to pass legislation establishing their own Strategic Bitcoin Reserves before President-elect Donald Trump signs an executive order on the matter.
Porter believes that “the states will lead,” framing the push as a decentralized initiative in line with Bitcoin’s ethos.
Critics and warnings
While proponents see Bitcoin as a hedge against inflation and a modernization of reserve assets, critics have raised significant concerns about its volatility, environmental impact, and security risks.
Bitcoin’s price, which has historically been subject to extreme fluctuations, could lead to instability in national reserves if adopted on a large scale. Skeptics argue that relying on an asset with such unpredictable swings could expose the US economy to unnecessary risks.
Security threats also loom large. Bitcoin, as a digital asset, is susceptible to hacking, cyberattacks, and theft. High-profile breaches in the crypto space have highlighted vulnerabilities in storage solutions, even for institutional-grade systems.
Critics worry that a national Bitcoin reserve could become a prime target for bad actors, jeopardizing national economic security.
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Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Satoshi Action Fund
Satoshi Action Fund (SAF) is a 501(c)(4) non-profit educational organization dedicated to informing policymakers and regulators about Bitcoin mining’s benefits and how it can be used as a tool to support other public policy goals.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Dennis Porter is the co-founder and chairman of Satoshi Action Fund, a 501(c)(4) non-profit educational organization dedicated to informing policymakers and regulators about Bitcoin mining’s benefits and how it can be used as a tool to support other public policy goals.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.