VanEck CEO Refutes Bitcoin Bubble Claims, Foresees Record Highs & Anticipates Bitcoin ETF Approvals
Summary:
VanEck CEO Jan van Eck dismissed accusations of Bitcoin being in a bubble and cannot foresee any internet store of value overtaking Bitcoin. He also predicted that Bitcoin would reach record highs in the upcoming year. The firm is among 13 organizations vying for approval of Bitcoin exchange-traded funds in the US, expecting all applications to be granted on the same day. Numerous leading financial institutions also await the SEC's final decision, expected between January 5-10.
The head of VanEck, an asset management company, can't envision a scenario where Bitcoin is supplanted as the predominant online store of value. Jan van Eck holds the belief that imagining another internet store of value that surpasses Bitcoin is nearly impossible, a belief he expressed during an interview with CNBC on December 16. Van Eck highlighted Bitcoin's widespread use, with 50 million users marking its network effects.
In charge of managing $76.4 billion worth assets, the CEO vehemently disputes claims that Bitcoin is in a speculative bubble. Van Eck argues as no asset consistently outdoes itself in every market phase can truly be in a bubble. He emphasized, "Bitcoin is the self-evident asset maturing right before our eyes." He also anticipates Bitcoin hitting record values within a year, a sentiment he shared on December 16, 2023.
Jan van Eck, together with his late father John van Eck who established VanEck in 1955, have always seen value investing as intrinsic to their approach. They envision Bitcoin complementing gold as a store of value. The first gold fund in the US was launched under John van Eck's guidance in 1968.
VanEck is one of 13 organizations vying for an approved Bitcoin exchange-traded fund (ETF) in the US. Jan van Eck anticipates all applications for Bitcoin ETFs to receive approval simultaneously. As the Securities and Exchange Commission is expected to rule on pending Bitcoin ETF applications between January 5-10, industry analysts are closely watching the situation. Prominent financial institutions like BlackRock, Grayscale, Bitwise, WisdomTree, Invesco Galaxy, Fidelity, Hashdex, and others, are also awaiting SEC's final decision.
Published At
12/18/2023 5:51:06 AM
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