BlackRock wants no part in the rumors. Sources close to the $10 trillion asset manager told Fox Business journalist Eleanor Terrett that the company never backed the idea of a U.S. Strategic Bitcoin Reserve.
Yet the chatter exploded anyway. It was Satoshi Act Fund CEO Dennis Porter who first claimed that BlackRock was on board with creating a Bitcoin reserve, triggering debates. He apparently lied that:
“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.”
The rumors came as states and Trump’s administration reportedly accelerated plans to institutionalize Bitcoin. BlackRock has previously acknowledged Bitcoin as a hedge against inflation and has become essentially pro-crypto.
Wyoming steps up with the Bitcoin Act
Enter Wyoming Senator Cynthia Lummis, the face of the pro-Bitcoin political push. She’s behind The Bitcoin Act, a bill aimed at establishing a federal Bitcoin reserve. Lummis has promised the reserve will be implemented within the first 100 days of Trump’s administration.
Whether or not that timeline holds remains to be seen. As of November 19, The Bitcoin Act ranked as the fourth most-viewed American legislative document.
Some state governments are already moving to create their own Bitcoin reserves before Trump takes his executive action.
Proponents of the reserve argue that Bitcoin’s finite supply and independence from traditional monetary systems make it a modern complement to gold. They see it as a safety net against the weakening dollar. But critics are not convinced.
They warn of Bitcoin’s extreme volatility and environmental concerns, calling it a risky choice for something as important as national reserves.
BlackRock’s Bitcoin moves speak louder than rumors
While BlackRock distances itself from Porter’s claims, its actions in the Bitcoin market are hard to ignore. The company’s iShares Bitcoin Trust is now the largest Bitcoin fund globally, managing $43 billion.
Since its launch eleven months ago, the fund has attracted $29 billion in new investments, cementing BlackRock’s position at the forefront of crypto finance.
BlackRock has also partnered with Nasdaq to launch options trading for its Bitcoin ETF, which is expected to go live any second now.
Options give investors the power to buy or sell assets at specific prices within set timelines. They’re a popular tool for managing risk and leveraging bets.
Galaxy Digital’s Alex Thorn weighed in, saying options trading could help stabilize Bitcoin’s notorious price swings. “As volatility comes down, larger institutions will take bigger positions,” he explained during a recent interview.
Thorn predicts that Bitcoin’s future lies in practical use cases, not just speculative trading. Despite this, the volatility debate rages on.
Bitcoin’s price hit over $93,000 this year, more than doubling in value. For some, that unpredictability is part of the appeal. For others, it’s a reason to keep their distance.
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