Jan Van Eck, the CEO of VanEck Associates pointed out that the vast majority of the Bitcoin investors are moving to gold while talking for an interview which we are elaborating further in our bitcoin news today.
He said:
‘’Bitcoin pulled a bit of demand away from gold last year, in 2017. Interestingly, we just polled 4,000 Bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to Bitcoin and now it’s going the other way.”
While talking about the bitcoin exchange-traded funds (ETFs), Tim Seymour, the founder of Seymour Asset Management, explained that Bitcoin’s function as a store of value is not really as it seems:
“Not only have we lost all liquidity on the underlying [commodity] but truly outside of the existential blockchain argument, it’s been very difficult to argue store of value which is really what we started hearing about. Gold is a store of value and there’s no disputing that.”
According to CNBC Van Eck is one of the companies that created the well known gold ETFs mainly the GDX gold miners. Van Eck clarified that those assets are doing well over the past two months and they work opposite of the stock market.
Before concluding the interview, he said:
‘’Decoupling makes me really excited about gold shares as a diversifier.”
The Chicago Board Options Exchange’s BZX Equity Exchange has requested to withdraw a rule change with the United States Securities and Exchange Commission since the change was meant to permit the placing of the ETF backed by VanEck.
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