Jan van Eck – the CEO of VanEck – one of the first global financial firms to file for a spot Bitcoin ETF years ago – believes that BTC is a unique asset that will be extremely difficult to duplicate or surpass.
He also refuted speculation that the asset was one big bubble, saying it would set a new all-time high within the next 12 months.
New ATH by December 2024?
While explaining how he became interested and involved in the primary cryptocurrency, van Eck said he saw similarities with gold that drew him closer to Bitcoin. That’s why his company decided to file for a spot Bitcoin ETF back in 2017, making it the “first established ETF player” to do so.
Since then, the company has faced numerous denials and delays from the U.S. Securities and Exchange Commission, but continues to amend its applications. Just last week, the ticker for its ETF proposal changed to HODL. Van Eck said the company is proud of the ticker of the new name.
Returning to the similar performance of gold and Bitcoin, the executive said they tend to move in the same direction and have the same macro behind them. This, along with the upcoming halving and possible ETF approval, could drive the price of BTC higher. In fact, VanEck CEO expects a new all-time high of over $69,000 (registered at the end of 2021) to be reached within the next 12 months.
No bubble
The price of BTC has experienced numerous ups and downs, which is why many doubters speak of a bubble that will eventually burst. It has been compared to historical bubbles such as the tulip mania in Europe.
However, Van Eck dismissed these claims, saying: “Nothing that has ever been a bubble has then outdone itself,” something Bitcoin has already done a few times.
When asked whether he thinks a new asset will surpass BTC in the future, van Eck said he doesn't expect another “internet store of value” to emerge and “overtake” Bitcoin.
Asked about growing criticism of JPMorgan CEO Jamie Dimon and other bankers that they are being used for criminal activity, van Eck said:
“Do not cast the first stone if you are associated with the bank or other financial institution that has never had any dealings with criminals. I’ll leave it at that.”
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.