Bitcoin Investors Are Turning to Gold, Says CEO of Van Eck
Jan Van Eck, CEO of Van Eck Associates, suggested that investors are now turning their attention to gold, leaving Bitcoin and other cryptocurrencies behind.
In recent interview with CNBC, Jan Van Eck noted that Bitcoin managed to pull “a little bit of demand away from gold” in 2017, but added that data showed things are changing:
“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,” he said.
During the same interview while talking about Bitcoin exchange-traded funds (ETFs), Tim Seymour, founder and chief investment officer of Seymour Asset Management, declared that Bitcoin’s function as a store of value is questionable:
“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.”
Notably, while the S&P 500 dropped 14% in the fourth quarter of last year, the GDX ETF rallied 14%, a trend that changed this year, with GDX rising less than 1% and the S&P 500 rising 6%. So far this year, bitcoin has been underperforming both.
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