Jan van Eck, VanEck Associates CEO, joins ‘The Exchange’ to discuss SEC’s approval of the Spot bitcoin ETF, the 2024 outlook for bitcoin and crypto, and more.
>>> WELCOME BACK TO “THE EXCHANGE.” IT’S NOT JUST APPLE WHO IS BETTING BIG ON INDIA LATELY. THE I-SHARES ENDIA ETF IS UP 8% THE PAST MONTH AS INVESTORS SEEK ALTERNATIVES TO CHINA. BITCOIN IS COVERING NEAR THE $42,000 MARK AMID SPECULATION. BOTH OF THESE ARE MY NEXT
GUEST’S SCREAMING BUYS FOR 2024. JOINING ME NOW IS JAN VAN ECK, THE CEO OF VAN ECK. WELCOME. >> THANKS. >> WE HAVEN’T HAD A CHANCE TO TOUCH BASE WITH THIS. WHEN DID YOU GET INTO BITCOIN? THIS IS A REALLY BIG THING FOR YOU AND FOR THE FIRM AND EVERYTHING.
>> YEAH, 2017. SO WE WERE THE FIRST ESTABLISHED ETF PLAYER TO FILE FOR A BITCOIN RELATED ETF. >> WHAT DROVE IT? >> YOU KNOW, I WAS IN GOLD. MY DAD STARTED THE FIRM WITH THE FIRST GOLD FUND IN THE UNITED STATES. SO VALUE INVESTING IS IN OUR DNA.
I THOUGHT WHAT IS THIS BITCOIN THING? I THOUGHT WE’VE GOT TO DO THE DEEP DIVE. SO I LISTENED TO THE PODCASTS AND I SAID THIS IS GOING TO BE AN ACCOMPANIMENT TO GOLD. I TOLD PEOPLE, THAT WAS IN 2017, IT WAS $3,000. BITCOIN IS UP 10 X FROM NOW.
REMEMBER CHINA? PART OF LARGE PARTS OF CHINA WERE UNDEVELOPED AND UNINDUSTRIALIZED 30 YEARS AGO, BUT THINGS CHANGED. SO I THINK BITCOIN IS THE OBVIOUS ASSET THAT IS GROWING UP IN FRONT OF OUR EYES. >> I WATCH IT AND I CONCEDE IT HAS BEHAVED REMARKABLY LIKE GOLD.
YOU DO THINK WELL, THERE COULD BE SOME NEW THING THAT COMES ALONG. BITCOIN WAS INNOVATIVE. THERE COULD BE A NEW VERSION OF THIS DOWN THE ROAD THAT TAKES PEOPLE’S INTEREST. AND NUMBER TWO, THE JAMIE DIMON CRITIQUE, THAT THERE’S SO MUCH NEFARIOUS STUFF ASSOCIATED WITH IT.
>> THERE’S A LOT OF POLITICAL RISK AROUND IT, ABSOLUTELY. BUT THERE’S 50 MILLION USERS OF BITCOIN. SO IT’S GOT NETWORK EFFECT. I THINK IT’S IMPOSSIBLE FOR ME TO IMAGINE SOME OTHER, WHAT I CALL IT INTERNET STORE VALUE THAT’S GOING TO LEAPFROG BITCOIN. SO THAT’S NUMBER ONE.
AS FAR AS THE CRIMINALITY AND ALL THAT KIND OF STUFF, YOU KNOW, LISTEN, DON’T THROW THE FIRST STONE IF YOU’RE ASSOCIATED WITH THE BANK OR ANY FINANCIAL INSTITUTION THAT’S NEVER BEEN INVOLVED WITH CRIMINALS IN ONE SHAPE OR THE OTHER. I’LL LEAVE IT AT THAT.
>> LET ME STEER IT BACK TO SAFER TERRITORY. FOR 2024 IN PARTICULAR, SOME HAVE BEEN SCRATCHING THEIR HEAD AT THE BEHAVIOR OF BITCOIN AND GOLD. WHAT IS IT THAT THEY ARE TRADING OFF OF, AND WHAT TELLS YOU THAT YOU THINK THIS IS YOUR GUT, THAT BITCOIN ITSELF WILL OUTPERFORM?
>> IT’S THE MACRO. SO YOU JUST — STORIES OF VALUE THAT DON’T GENERATE INTEREST, WHICH IS WHY THE INVESTORS LIKE WARREN BUFFETT DON’T LIKE THEM AT ALL. BUT THEY BEHAVE IN RELATION TO INTEREST RATES LIKE YOU SAID. THAT’S THE BIG CYCLE. AND INTEREST RATES ARE HEAD DOWN
DIRECTIONALLY SPEAKING. SO THE MACRO BEHIND BITCOIN AND GOLD ARE VERY STRONG. THEY BOTH PEAKED IN 2021, THEY’VE BEEN RALLY THING YEAR. OBVIOUSLY, BITCOIN WAY MORE THAN COLD FOR DIFFERENT REASONS. >> NOW THAT BITCOIN HAS GROWN UP, IF YOU LOOK AT GOLD’S PERFORMANCE IN THE 2010s, IT WAS OKAY.
IF YOU THINK WE’RE GOING BACK TO LOW RATES, HAS BITCOIN MADE THE BIG GAINS AND NOW TRADING WATER? >> NO, BECAUSE IT’S GROWING UP. IT’S LIKE A CHILD THAT’S GROWING UP. SO YOU CAN ARGUE ABOUT IT BEING A BUBBLE. NO BUBBLE — SO A BUBBLE IN
2017, BUT THEN IT HIT ALL-TIME HIGHS IN 2021. SO NOTHING HAS EVER BEEN A BUBBLE THAT’S OUTPERFORMED ITSELF. SO I FULLY EXPECT IN THIS CYCLE, AND YOU HAVE THIS HAPPENING THING HAPPENING IN APRIL, WHICH IS GREAT FOR BITCOIN. I EXPECT ALL-TIME HIGHS IN THE NEXT 12 MONTHS.
>> SO YOU GUYS ARE AMONGST THOSE TO HAVE THE FIRST OR ONE OF MANY COIN ETFs. ARE ARE THEY GOING TO APPROVE IT, ONE AT A TIME OR A BATCH ALL AT ONCE? YOUR TICKER, I HAVE TO SAY TO YOUR CREDIT, IS HODL. >> WE’RE VERY HAPPY WITH THE TICKER.
I VERY MUCH EXPECT IT WILL BE ALL ONE DAY. BECAUSE THAT’S WHAT HAPPENED WITH ET HERVEGS ERIUM FUTURES.
24 Comments
BTC
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Bitcoin is a teenager now, and it still doesn't do anything better than it did 14 years ago.
This intangible crapto and Bitcoin is pure rubbish built on the greater fool theory. Talk about real investments like wholesome low debt, highly profitable equities. Please instead, talk about responsible bond investing, and investment in hard assets. It's unbecoming of a institution wanting to be a credible financial news source to talk about this rubbish. Do your fiduciary responsibility to the public who consumes your content. You can do better CNBC.
It's hard for him to imagine because he hasn't researched Cardano which is better in every metric. Dyor folks.
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when the big fish are interested be careful. specially CNBC fake news.
Crypto is dogshit wrapped in catshit
Bigger fool fallacy
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Idiotic reporter has no idea what she's talking about. Just following the script
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If you buy bitcoin under $250k, you’re still early.
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This manu is shrugging off the BTC SegWit money-laundering technology deliberately introduced in 2017 as if it's not important when in fact it facilitates money laundering for child pornography rings, human traffickers, drug dealing and securities fraud. Do not invest in VanEck or anything this man recommends. Don't walk away, RUN.
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