VanEck, the major New York City exchange-traded fund (ETF) provider with $47 billion worth of assets under management, remains confident that despite its fall from above $19,500 to its current mark near $4,000, "Bitcoin is not going away." Bitcoin's Hitting Singles - Not Home Runs…
VanEck, the major New York City exchange-traded fund (ETF) provider with $47 billion worth of assets under management, remains confident that despite its fall from above $19,500 to its current mark near $4,000, “Bitcoin is not going away.”
In a note to investors Monday, the company’s Director for Digital Asset Strategy at VanEck, Gabor Gurbacs, said that rather than expecting a decisive breakthrough or big “home run” for cryptocurrencies in 2019, look for the industry to continue hitting a number of “singles” with incremental, but major hits:
“With bitcoin falling from $19,500 to $3,000, some of us may hope that this was indeed a fad and was safely behind us. Yet, there are solid developments from some major companies. The following is a list of recent singles, including announcements, launches, and events that collectively, can contribute to building out the digital assets markets.”
Gurbacs points to: Square Cash App’s bitcoin integration, states like Ohio accepting bitcoin for taxes, Samsung Galaxy S10’s crypto integrations, Robinhood’s BitLicense in New York, the expansion of bitcoin derivatives, NASDAQ collaborations, a Swiss crypto basket ETP, and Facebook’s entry to crypto.
There’s been a long-running joke at the website 99Bitcoins, where the proprietors are keeping a log of every “bitcoin obituary” published in major publications since 2010.
There are currently 348 obituaries, but bitcoin is still going strong. Monday’s note from VanEck about bitcoin and cryptocurrencies is the anti-bitcoin obituary.
Not only do Gurbacs and colleague Kyle DaCruz see a future and long life ahead of bitcoin – but unlike many of these obits, they base their assessment on recent events and actual details about the industry.
These are indeed some important “singles” that have been moving the game along toward a win for the crypto industry against the inflation, surveillance, secrecy, control, and ridiculously high fees of traditional banking.
And there are many crypto milestones from 2018 that Gurbacs and DaCruz didn’t even include in an impressive roster of recent industry successes.
Heavily active in gold assets including mining and mutual funds, VanEck is well known for offering clients investment vehicles like hard assets and emerging markets as a hedge against times of U.S. economic downturn and political uncertainty.
A bitcoin ETF fits in with the wealth management company’s investment priorities. After refiling its application for a bitcoin ETF this side of the government shutdown, VanEck is waiting on the SEC to approve.
The SEC has repeatedly refused many bitcoin ETF applications because it isn’t satisfied that markets aren’t being manipulated. Not like that ever happens with ETFs already.
Last modified: March 19, 2019 3:10 PM UTC