In line with a recent ‘interview‘ with CNBC, the chief executive officer of Van Eck Associates namely ‘Jan Van Eck’, said that Bitcoin [BTC] investors have moved to other assets, majorly gold.
Van Eck stated that he thinks “that Bitcoin [BTC] indeed pulled a bit of demand off from gold last year, in 2017.” afterwards, he added:
“Interestingly, we have simply polled around 4,000 Bitcoin investors and their much loved investment for 2019 is actually gold. Thus gold lost to Bitcoin and presently it’s going the another way.”
Via in the same interview while talking about Bitcoin ETF [exchange-traded funds], Tim Seymour, founder and chief investment officer of Seymour Asset Management, added that Bitcoin’s operate as a store of value is questionable:
“Not solely have we lost all liquidity on the underlying [commodity] but actually outside of the existential blockchain argument, it has been terribly troublesome to argue store of value which is absolutely what we started hearing concerning. Gold is a store of worth and there’s no disputing that.”
Van Eck’s firm created what CNBC ‘outlined‘ as the most renowned gold ETFs, particularly the GDX gold miners ETF along with the GDXJ junior gold miners ETF. Van Eck stated that those assets “have been acting enormously well over the last 2 or 3 months” before underlining that they ostensibly do the alternative of what stock markets do.
“In the majority of the times in Q4 when the S&P was down, GDX was up,” he said, before concluding “that decoupling makes me extremely excited concerning gold shares as a diversifier.” Additionally, in line with CNBC, the GDX ETF grew by 14% within the fourth quarter, that as per the article is its best performance since Q2 2016. Moreover, the GDX is up beneath 1% this year, as the S&P 500 grew around 6%.
As recently reported, the CBOE [Chicago Board Options Exchange’s] BZX Equity Exchange has withdrawn its request for a rule amendment by the U. S. SEC [Securities and Exchange Commission]. The requested amendment was meant to allow the listing of the ETF backed by VanEck and financial services company named ‘SolidX’.
At the end of the last year, Bitcoin’s [BTC)] avg. daily worth change was all-time lowest reported within the past 9 years.