Van Eck Associates CEO: Bitcoin Investors Are Moving to Gold

Jan Van Eck, CEO of Van Eck Associates, instructed that Bitcoin traders moved to gold throughout an interview.

Jan Van Eck, CEO of Van Eck Associates, instructed that Bitcoin (BTC) traders have moved to gold throughout an interview with CNBC printed on Jan. 26.

Van Eck declared that he thinks “that Bitcoin pulled a little bit of demand away from gold final yr, in 2017.” Afterward, he concluded:

“Interestingly, we simply polled 4,000 Bitcoin traders and their primary funding for 2019 is definitely gold. So gold misplaced to Bitcoin and now it is going the opposite manner.”

During the identical interview whereas speaking about Bitcoin exchange-traded funds (ETFs), Tim Seymour, founder and chief funding officer of Seymour Asset Management, declared that Bitcoin’s perform as a retailer of worth is questionable:

“Not solely have we misplaced all liquidity on the underlying [commodity] however actually exterior of the existential blockchain argument, it has been very tough to argue retailer of worth which is absolutely what we began listening to about. Gold is a retailer of worth and there is not any disputing that.”

Van Eck’s agency created what CNBC outlined as essentially the most well-known gold ETFs, particularly the GDX gold miners ETF and the GDXJ junior gold miners ETF. Van Eck declared that these property “have been performing tremendously effectively over the past two or three months” earlier than underlining that they seemingly do the other of what inventory markets do.

“In nearly all of the times in This fall when the S&P was down, GDX was up,” he mentioned, earlier than concluding “that decoupling makes me actually enthusiastic about gold shares as a diversifier.” Furthermore, in line with CNBC, the GDX ETF grew by 14 % within the fourth quarter, which in line with the article is its greatest efficiency since Q2 2016. Moreover, the GDX is up underneath 1 % this yr, because the S&P 500 grew 6 %.

As Cointelegraph not too long ago reported, the Chicago Board Options Exchange’s (CBOE) BZX Equity Exchange has withdrawn its request for a rule change by the United States Securities and Exchange Commission (SEC). The requested change was meant to allow the itemizing of the ETF backed by VanEck and monetary providers firm SolidX.

At the tip of final yr, Bitcoin’s (BTC) common day by day value change was the bottom worth reported prior to now 9 years, Cointelegraph reported.

Original supply: https://cointelegraph.com/news/van-eck-associates-ceo-bitcoin-investors-are-moving-to-gold

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Source: BTC Upload