VanEck by Teeka Tiwari
This Major Gold Investor Is Buying Into Bitcoin
By Teeka Tiwari, editor, Palm Beach Confidential
VanEck is one of the biggest asset managers in the United States.
The firm opened in 1955. And in 1968, it launched the VanEck International Investors Gold Fund (INIVX), the first U.S. gold fund.
Today, VanEck’s exchange-traded funds (ETFs) have $30 billion in assets under management. That’s more than ETF issuers JPMorgan, Goldman Sachs, and Barclays.
The company offers more than 50 ETFs. And it manages assets for over 400 institutions—including banks, pension funds, and endowments.
Here’s the thing about VanEck…
It specializes in precious metals. Most of its assets are gold investments. And it runs some of the world’s largest gold funds.
But now the company is making the jump into bitcoin.
On August 11, VanEck filed with the U.S. Securities and Exchange Commission (SEC) for the VanEck Vectors Bitcoin Strategy ETF.
The fund would initially invest in bitcoin futures contracts and trade on the Nasdaq.
It’s no surprise VanEck is launching a bitcoin ETF. The cryptocurrency has vastly outperformed gold this year (see chart below).
As you can see, bitcoin has crushed gold this year. Bitcoin is up 310% since January, while gold has gained only 11%.
Don’t get me wrong. I like gold. I own it and suggest that my subscribers have a portion of their assets in gold.
The folks at VanEck see the upside potential in bitcoin. They know they can make millions in fees getting into the bitcoin ETF business early.
I’m certain we’ll see more traditional asset managers like VanEck eagerly lining up to launch bitcoin ETFs.
We don’t know whether the SEC will approve this ETF. But this is the latest evidence that bitcoin is becoming mainstream.
As more people adopt bitcoin, we could see a price of $5,000 this year.
We remain very bullish on bitcoin. You should own some today.
Let the Game Come to You!
Teeka “Big T” Tiwari
Editor, Palm Beach Confidential