In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold than for the «big daddy», said the top exec of Van Eck Associates.
Shift From Bitcoin Back to Gold
In a conversation with CNBC journalist, the top executive of Van Eck Associates — Jan Van Eck — assumed that the most known cyber-coin investors have switched their attention to gold.
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The company’s CEO believes last year and in 2017 BTC «pulled a bit of demand from gold.»
Van Eck added that the company has surveyed 4,000 BTC investors and found out that their top priority for piling in funds in 2019 is gold, not bitcoin.
«So gold lost to Bitcoin and now it's going the other way,” concluded the CEO.
Still a Questionable Store of Value
Interestingly, Van Eck Associates founded «the GDX gold miners ETF and the GDXJ junior gold miners ETF,» according to CNBC. The company’s CEO claimed they have been demonstrating great results for the past quarter of a year. He also emphasized that these assets do not do the same thing as stock markets do.
In the frames of the same conversation, the creator and CIO of Seymour Asset Management Tim Seymour also touched upon bitcoin ETFs. In particular, he said that BTC’s function as a store of value is dubious.
“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,” said Seymour.