Bitcoin won’t hit as digital store of value: VanEck CEO
Investment management firm CEO Van Eyck says he can't see a world in which Bitcoin (BTC) becomes the primary store of value on the Internet.
“I think it's impossible for me to imagine another online store that is worth it [will] leapfrog Bitcoin,” Jan van Eyck said in a December 16 interview with CNBC.
“There are 50 million Bitcoin users so it has network effects.”
The CEO – who has $76.4 billion in assets under management – also dismissed accusations that Bitcoin is in a “bubble” – stating that there is no asset that sustains itself better every market cycle. He added:
“Bitcoin is a clear asset that is growing before our eyes.”
Meanwhile, Van Eck expects Bitcoin to see all-time highs in the next 12 months.
VanEck CEO @JanvanEck3 expects Bitcoin to hit all-time highs in the next 12 months. “It is wealth that is growing before our eyes.” Also spot Bitcoin ETF efforts and some good notes on the macro cycle. pic.twitter.com/02qZOVBPyx
— Gabor Gurbacs (@gaborgurbacs) December 16, 2023
The CEO of VanEck said that he and his late father John Van Eck – who founded the company in 1955 – value investing in “DNA” and that he sees Bitcoin as a “companion” with gold.
Van Eyck established the first gold fund in the United States in 1968 under the leadership of John Van Eyck.
Van Eyck is one of 13 applicants for a Bitcoin exchange-traded fund in the United States.
Related: VanEck Bitcoin ETF Makes 5th Amendment to Identify Under ‘HODL'
The firm's CEO expects all Bitcoin exchange-traded fund applications to be approved on the same day.
ETF analysts predict that the Securities and Exchange Commission will be hearing from several pending Bitcoin ETF applicants between January 5-10, including BlackRock, Greyscale, BitWise, WisdomTree, Invesco Galaxy, Fidelity and Hashdex, among other financial firms. Final decision for the SEC.
Magazine: BlackRock Reviews BTC ETF Filing, El Salvador's Crypto-Citizenship In Progress, and More: Hodler's Digest, December 10-16
