Homepage / Technology / Investment firm VanEck calls bitcoin a 'fad,' then files for bitcoin ETF
1win официальный Сай Базовые правила и условия игры в kazino online на настоящие деньги Ana amaç çevrimiçi kumarhane 7slots: önemli avantajlar ve kategoriler Как начать игру в казино онлайн на настоящие деньги 1win Apk: Um Melhor Aplicativo Pra Jogos De Cassino Aqui No Brasil” 1win Apk: Um Melhor Aplicativo Pra Jogos De Cassino Aqui No Brasil” Mostbet Azerbaycan Rəsmi Casino Giriş Və Qeydiyyat Mostbet A Миссди Ххк Cassino Online Operating System Melhores Jogos At The Bônu 1win Mali Site Officiel des Paris Sportifs et Casino Inscription 1xbet Aviator How To Play The Aviartor Game On 1xbet In Nigeri прохода 1win Официальный Сайт Букмекерской Конторы же Казино 1ви Скачать Пин Ап Казино%3A Мобильное Приложение Pin Up Be Laurence Escalantes online casino empire feels heat of US lawsuits 1xbet Paid For Over $836, 000 To A Player From Africa Казино Покердом Играть Онлайн Бесплатно%2C официальный Сайт%2C Скачать Клиен Бесплатные Игры Казино Слоты И Игровые Автомат “казино Pin Up%3A находимся Вместе К вожделенной Мечте Ücretsiz Slot Oyunları Silvergames’te Çevrimiçi Oynayın Mostbet Bookie: Legjobb Szorzók És Élő Fogadási Élmény Online Mostbet Login To Your Online Casino Personal Account In Bangladesh! Top 10 Best Online Gambling Dens In 2024 Tested & Approve Powerful casino tactics in 2024: 7 vital methods for athletes Guide to Online Casinos in Canada “Online Kumarhane Oyna Çevrimiçi Kumarhane Nolimitwa Legalzoom Hisse Geri Alım Programını 75 Milyon Dolar Artırdı Yazar Investing Co Как играть в симуляторы в онлайн-казино Вавада Игровые Автоматы Демо Играть Бесплатно нет Регистраци Glory Casino: Top Online Casino Video Games In Banglades Рейтинг Надежных Онлайн Казино Лучшие Топ Клубы Росси Fortune Tiger Slot Review: Análise E Como Joga 1win Au Bénin: Une Revue Complète De La Plateforme De Paris En Lign Sledování Titulu Casino Suprême: Kde Sledovat What is a Data Room? Как Стать Стримером Казино%3F Что для Этого Нужно%3 Best Game Software How to Design Engaging and Effective Educational Events Winline Делает Разницу! Букмекерская Контора Winline Онлайн Ставки На Спорт Making Corporate Travel Arrangements Business Virtual Data Room Stock Market Tips For Beginners What to Look for in a VDR Provider Why You Need a Secure Data Room Learning in the Digital Age How to Apply For Business Loans VDR and Document Management Performance Management and HR Outsourcing Modern Business Integration How to Choose the Right Board Portal Software for Your Company How to Choose a Data Storage Room Why Startups Use a Data Room for Investors The Best Web Tools for Designers Use Cases For Using VDR Documents Subsidy Programs and Financing Innovative Technologies for Audit What Is Real Estate Management? Investment and Funds Inspiring Teaching Books What Are the Benefits of a Virtual Data Room? Startups and Business Ideas How to Improve Virtual Board Communication The Lego Company History Investing in the Biotech Industry Financial Startup Basics Jogue Por Dinheiro Actual Em Cassino Onlin Virtual Communication Methods for Remote Leaders How to Choose the Best VDR Providers How Successful Online Businesses Succeed How Business Experts Fuel Innovation and Create Competitive Edge The IT World and Business Deal Making Software and How it Can Help Your Business Virtual Data Room Software Types of Steel Materials and Their Uses Board of Directors Software Bonver Casino Cz Hrací Automaty S Bonusem Zdarm Magazyn Żużel Speedway W Polsce I Na Świeci What Is Logistics School? What Is the VDR for Acquisition? The Best Data Room Apps For Startups Best Practices for Creating an Effective Board Meeting Agenda How to Choose the Best Shareholders Online Platforms Ostdeutsche Biersorten Getting a Construction Management Degree How to Select an Online Data Room Provider Start Your Blog Without Investment What to Look for in a Board Room Provider Data Room Comparison – Which Data Room Is Right For Your Business? Zakłady Sportowe Online Autógrafo Bukmacherska 1xbe “Pin-up O Melhor Cassino Do Brasil Web Site Oficial ᐈ Jogar Caça-níquei Rotating Events in Our Time How to Choose the Best Business Software Choosing an Online Payment Processor Due Diligence Software Virtual Data Room Providers for M&A Due Diligence The Best Online Data Room Benefits of a Due Diligence Data Room Best Practices for Data Rooms Types of Corporate Governance What Is Virtual Data Storage? Benefits of Document Distribution Software The Benefits of a Data Room for Startups

Technology

Investment firm VanEck calls bitcoin a 'fad,' then files for bitcoin ETF

Money management firm VanEck is both skeptical of bitcoin and planning to sell a related investment product, illustrating a rising perception that the surge of interest in the digital currency creates a high-risk opportunity that may be too big to miss.

Last Thursday, Joe Foster, the portfolio manager and strategist for VanEck’s flagship International Investors Gold Fund (INIVX) said in a manager commentary piece for July that bitcoin will likely never “replicate or replace” gold’s place as a safe-haven asset due to fundamental differences between the two.

“Bitcoin and other digital currencies are a fad that has attracted the attention of programmers, speculators, and early adaptors,” Foster said. “It is my opinion that governments will not allow digital currencies to reach the critical mass needed to challenge the utility of fiat currencies” such as the U.S. dollar.

“At best, digital currencies may eventually occupy some middle ground as a niche product,” he said. “At worst, they become a failed experiment that ends in tears.”

One day later, VanEck filed with the U.S. Securities and Exchange Commission for a VanEck Vectors Bitcoin Strategy exchange-traded fund that would initially invest in bitcoin futures contracts and trade on the Nasdaq.

“Performance of the Fund is determined by the price‎ movement of the underlying digital asset (i.e., Bitcoin), the rate of change and the change in volatility,” the filing said.

The fund will be an actively managed ETF that seeks to “provide total return” without tracking the performance of a specific index. Derivatives like futures allow investors to bet on potential gains or losses in bitcoin’s price without buying the digital currency itself.

“Joe Foster makes a great case for gold relative to bitcoin as a currency and store of value,” VanEck told CNBC in an emailed statement. “VanEck believes that the technology underlying digital assets, known as distributed ledger technology, has tremendous potential to revolutionize finance and trade. Digital assets are an investable asset class in their own right and continue to be integrated into the broader economy.”

The SEC declined to comment on the filing.

Many digital currency enthusiasts have called bitcoin “digital gold” and predict that a small percentage of gold’s roughly $7.5 trillion market value will flow into bitcoin, sending the digital currency’s price many multiples higher. Bitcoin has more than quadrupled this year, hitting Monday a record high above $4,300 — triple the price of an ounce of gold.

Despite the many risks of the young digital currency world, analysts like Standpoint Research founder Ronnie Moas said cryptocurrencies’ rapid gains are not something he “could keep [his] hands off of.”

Gold futures for December delivery hit a two-month high last week of $1,298.10 an ounce on rising worries about the North Korea nuclear threat. The precious metal traded mildly lower Monday, holding gains of 12 percent for the year but remaining within a year-long trading range.

According to VanEck’s website, its International Investors Gold Fund became the first U.S. gold fund when it launched in 1968. The fund is up nearly 11 percent this year. The firm also manages the widely followed VanEck Vectors Gold Miners ETF (GDX).

Portfolio manager Foster said in the Aug. 10 blog post that “it is clear that those who promote bitcoin are using gold’s image to help validate their product.” He noted differences between gold and bitcoin such as how:

  • “Digital currencies are worthless without electricity.”
  • “Bitcoin mining is a difficult concept to fathom. … What does [solving complex math problems] have to do with creating a store of wealth?”
  • “Distributed ledger passwords could be relatively easily broken if quantum computing becomes a reality.”

Foster did point out that distributed ledger technology, or blockchain, is “game changing,” but noted another cryptocurrency could threaten bitcoin’s dominance. He said in conclusion, “For now, the only thing we can forecast with confidence in the digital currency space is more volatility.”

That high volatility and potential for significant gains may be enough reason for some investors to buy bitcoin and related investment products.

Other firms have proposed digital currency trading products in the last several months.

The SEC said in late April it would review the Winklevoss brothers’ application for a bitcoin ETF, after rejecting it in March due to lack of regulation for the digital currency.

The initial rejection also noted the lack of a derivatives market for the proposed ETF, which would have traded on the Bats BZX exchange.

Since then, the Chicago Board Options Exchange said in early August it plans to offer bitcoin futures as soon as the fourth quarter of 2017. The news followed the U.S. Commodity Futures Trading Commission’s late July approval for a digital currency trading platform LedgerX for clearing derivatives, which plans to offer bitcoin options in early fall.

Source: Tech CNBC
Investment firm VanEck calls bitcoin a 'fad,' then files for bitcoin ETF

Comments are closed.