VanEck’s Sigel Suggests Bitcoin Could Rival Gold as the Global Standard, with US Leading
Matthew Sigel from VanEck suggests that Bitcoin could potentially become the global standard for money, rivaling the historic significance of gold, with the United States taking the lead. Sigel, who is the Head of Digital Assets Research at VanEck, believes that Bitcoin has the potential to become the foundation of a new monetary system. His comments come at a time when there is growing interest in the proposed U.S. Strategic Bitcoin Reserve, highlighting the potential of this pioneering cryptocurrency to influence a shift towards digital assets among nations.
Sigel points out that Senator Cynthia Lummis’ recent proposal to establish a Strategic Bitcoin Reserve mirrors the U.S. government’s gold holdings. The plan suggests the acquisition of one million Bitcoin, which is equivalent to 4.76% of the total supply. This figure is similar to the U.S. government’s current share of global gold reserves, which is about 4%. Sigel sees this as a signal that Bitcoin could assume a role similar to gold in the past, serving as a universal reserve asset.
Sigel also highlights the historical significance of gold reserves in defining economic power. Countries like the U.S., Germany, and China continue to hold substantial amounts of gold as a cornerstone of their financial systems. He suggests that if President-elect Donald Trump’s plan to embrace a Bitcoin reserve follows through, the U.S. could lead a new era where digital assets form the backbone of global finance. This scenario has recently been highlighted by Senator Lummis.
Drawing parallels to the adoption of gold standards in the 19th century, Sigel presents the potential rise of a Bitcoin standard. He shares a chart that demonstrates how countries like Great Britain, Germany, and the U.S. adopted gold as the basis for their monetary systems. Similarly, he sees Bitcoin as presenting the opportunity to establish a “digital standard” for money in the 21st century. This move towards a Bitcoin reserve could position the U.S. as a leader in this shift and trigger a competitive race among nations to adopt digital assets, similar to the accumulation of gold during the industrial age.
While the idea of holding Bitcoin as a reserve asset is not unique to the U.S., as El Salvador has already adopted Bitcoin as legal tender and integrated it into its financial system, there is growing global interest in Bitcoin reserves. Countries such as Russia, Switzerland, and Brazil are already exploring similar initiatives following Donald Trump’s election victory. In the U.S., several states, including Pennsylvania and Texas, are also considering establishing Bitcoin reserves. However, despite the interest, reactions remain mixed, with advocates seeing it as a way to modernize monetary systems, while critics warn of Bitcoin’s volatility. Notably, BlackRock did not support the proposal.
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