https://ift.tt/ThPu8jr The CEO of investment management firm Vaneck has predicted a bull cycle for gold and bitcoin. “We are at the very ...
The CEO of investment management firm Vaneck has predicted a bull cycle for gold and bitcoin. “We are at the very beginnings of what could be a several-year cycle in gold, and I also put bitcoin in that category as well,” the executive said, adding that the Federal Reserve is “close to the end of their tightening.”
Bull Cycle for Gold and Bitcoin
Jan van Eck, CEO of investment management firm Vaneck, shared his prediction regarding gold and bitcoin in an interview with CNBC last week. His firm has $69 billion in assets under management.
When asked whether gold, at its present levels, should be viewed as an investment or a temporary trade that may yield additional profits, he replied:
We are at the very beginnings of what could be a several-year cycle in gold, and I also put bitcoin in that category as well.
“Finally, as a gold investor, you’ve been rewarded over the last couple of weeks. Weakness in the banking system and gold rallied. That’s why you own gold,” the executive continued.
The Vaneck CEO further explained that “it could be a two-year cycle” because he believes that “the Fed is close to the end of their tightening.” The executive added: “The market is worried now about the consequences and it could take a year or more for those consequences to roll through the commercial real estate market, the banking and lending dynamics, [and] maybe we have a shallow recession.” He elaborated:
At some point, the Fed is going to start easing, and that’s when gold is really going to party.
Discussing gold and bitcoin, the Vaneck executive opined:
I think all the speculation is out of both of those markets.
Van Eck pointed out that bitcoin has surged nearly 70% this year, outperforming all other assets, and has rewarded “the people that own bitcoin for that thesis of wanting a hedge in their portfolio.”
Last month, Pantera Capital said that we’re already in the next bull market cycle for bitcoin. Last week, the Federal Reserve raised interest rates by 25 basis points. Some people expect the Fed to cut rates soon, including billionaire Jeffrey Gundlach. However, Fed Chair Jerome Powell stated that rate cuts are not in the Fed’s base case. Economist Peter Schiff said the Fed has already returned to quantitative easing whether they admit it or not.
Do you agree with Jan van Eck? Let us know in the comments section below.
from Bitcoin News
via RiYo Analytics
ليست هناك تعليقات