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Bitcoin won’t be beaten as digital store of value: VanEck CEO

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Bitcoin won’t be beaten as digital store of value: VanEck CEO

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The CEO of investment management firm VanEck says he can’t see a world where Bitcoin (BTC) is overtaken as the leading store of value on the internet.

“I think it’s impossible for me to imagine some other internet store of value [will] leapfrog Bitcoin,” Jan van Eck said in a Dec. 16 interview with CNBC.

“There’s 50 million users of Bitcoin, so it’s got network effects.”

The CEO —  $76.4 billion in assets under management — also crushed accusations that Bitcoin is in a “bubble,” — explaining that no asset has ever been in a bubble that continues to outperform itself every market cycle. He added:

“Bitcoin is the obvious asset that is growing up in front of our eyes.”

Meanwhile, Van Eck expects Bitcoin to see all-time highs in the next 12 months.

The VanEck CEO said he and his late father, John van Eck — who founded the firm in 1955 — have store of value investing in their “DNA” and that he sees Bitcoin becoming an “accompaniment” to gold.

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VanEck launched the first gold fund in the United States under John van Eck’s leadership in 1968.

VanEck is one of 13 applicants gunning for an approved spot Bitcoin exchange-traded fund in the United States.

Related: VanEck files 5th amendment to spot Bitcoin ETF under ‘HODL’

The firm’s CEO expects all spot Bitcoin exchange-traded fund applications to be approved on the same day.

ETF analysts predict the Securities and Exchange Commission will issue a decision on several pending spot Bitcoin ETF applicants sometime between Jan. 5–10, with BlackRock, Grayscale, Bitwise, WisdomTree, Invesco Galaxy, Fidelity, and Hashdex, and other financial firms also waiting for a final decision by the SEC.

Magazine: BlackRock revises BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest, Dec. 10-16