VanEck CEO Jan van Eck has his eyes on the horizon, predicting that gold and Bitcoin (BTC) are gearing up to embark on impressive multi-year bull runs.
Recently, during a chat on CNBC’s “Closing Bell: Overtime,” van Eck enthusiastically shared his outlook, saying,
“I think we’re just at the starting line of what could be a thrilling several-year cycle for gold, and I’m putting Bitcoin right in that mix too… Weakness in the banking system has fueled a gold rally… that’s precisely why people own gold.“
He speculates that this cycle could span two years since the Fed is inching toward the end of its tightening phase. With market jitters growing over potential consequences, it could take a year or more for the ripple effects to hit the commercial real estate market, banking, and lending dynamics, potentially ushering in a mild recession.
Van Eck, who oversees a whopping $69 billion in assets at his firm, believes the days of wild speculation in both markets are behind us. He highlights the lack of leverage in the Bitcoin market, thanks to regulatory crackdowns and past crises, as the driving force behind its incredible 70% increase in value this year, making it the best-performing asset.
He added,
“At some point, the Fed will kick off an easing cycle, and you’ll definitely want to have these assets in your portfolio… And when the cycle finally turns, it’s going to be quite the exhilarating ride.”
https://youtube.com/watch?v=TrRrWNyJpCM%3Ffeature%3Doembed
Gabor Gurbacs, Strategy Advisor at VanEck and Founder of PointsVilleApp, expressed on Twitter yesterday that the purchasing power of leading fiat currencies and commodities has notably diminished in relation to gold in contemporary markets. He urges people not to underestimate the significance of hard assets like Bitcoin and gold.
Source: Read Full Article