April 19, 2024
Bitcoin's Growth Unstoppable, Says VanEck CEO Amidst Criticisms
Bitcoin News

VanEck CEO Forecasts Bitcoin Dominance as Internet’s Premier Store of Value

The CEO of VanEck, an investment management firm, firmly asserts that Bitcoin will maintain its position as the primary internet store of value. In a recent interview with CNBC, Jan van Eck expressed his skepticism about any other asset surpassing Bitcoin, citing its significant network effects with 50 million users.

Despite criticisms labeling Bitcoin as a bubble, the CEO, whose firm manages $76.4 billion in assets, countered this notion by highlighting Bitcoin’s consistent outperformance across market cycles. He emphasized Bitcoin’s evident growth, stating it is the most prominent asset evolving in the financial landscape.

Moreover, van Eck foresees Bitcoin reaching new record highs within the upcoming year. He underlined his and his late father’s, John van Eck, commitment to store-value investing, asserting Bitcoin’s potential to complement gold.

Notably, VanEck, under John van Eck’s leadership in 1968, launched the first gold fund in the United States. Presently, the firm is among the 13 applicants vying for approval for a Bitcoin exchange-traded fund (ETF) spot in the United States. The CEO anticipates simultaneous approvals for all spot Bitcoin ETF applicants.

Industry analysts speculate that the Securities and Exchange Commission (SEC) will decide on various pending spot Bitcoin ETF applications between January 5 and 10. Alongside VanEck, other major entities like BlackRock, Grayscale, Bitwise, WisdomTree, Invesco, Galaxy, Fidelity, Hashdex, and more await the SEC’s final decision on their applications.

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