The Curious Case of VanEck
In a classic case of having your cake and eating it too, money management firm VanEck, notorious for its gold-related investment funds, recently took a jab at Bitcoin. They labeled it as nothing more than a fleeting trend. Not five minutes later—well, perhaps a day—they flipped the script and filed for a Bitcoin derivative exchange-traded fund (ETF). Talk about commitment issues!
Gold vs. Bitcoin: The Battle Royale
VanEck has made its fortune on gold, so it’s no surprise they’d be skeptical about Bitcoin taking its crown. Joe Foster, the firm’s portfolio manager, voiced his doubts, insisting that Bitcoin won’t dethrone gold as a reliable safe-haven asset. “Bitcoin and other digital currencies are a fad,” he said, appealing to the older folks who reminisce about the good old days when inflation was a novel concept.
Quote of the Year?
Foster didn’t shy away from making strong predictions, adding, “Governments won’t allow digital currencies to gain enough traction to rival fiat currency.” At best, he suggested they might find a small, cozy corner in the financial world—think of it as the attic of your grandma’s house.
ETF or Bust!
The very next day, after casting such a skeptical shadow over Bitcoin, what did VanEck do? They rolled out a filing with the SEC for their own Bitcoin Strategy ETF! Talk about a plot twist. This fund aims to invest in Bitcoin futures contracts and could possibly trade on the Nasdaq. Just imagine the irony—the same folks calling Bitcoin a fad are now ready to bask in its shadow!
FOMO: Fear of Missing Out
What’s even more fascinating is the underlying fear driving this move. Yes, VanEck loves gold, but they clearly don’t want to miss out on the hype surrounding Bitcoin—“better grab a slice before it’s all gone!” As observed on CNBC, VanEck acknowledged the promise of distributed ledger technology that lies behind Bitcoin as a potential game-changer for finance and trade. Guess it’s safe to say digital assets are here to stay, even if VanEck’s heart still beats for gold!
+ There are no comments
Add yours