Jay van Eck, the CEO of the $108 billion asset manager VanEck, revealed on Friday that he has “well over 30%” of his personal wealth invested in Bitcoin (BTC).
Revealing His Bitcoin Investment
During Friday’s first panel on the Nakamoto stage, multiple executives from investment managers offering Bitcoin spot ETF products participated. VanEck, one such firm, has gathered $714.09 million in assets through its Bitcoin Trust.
Jay van Eck shared, “I always want to tell people what I’m doing personally because they should know.” He added, “I’m like, way over 30%.”
The Bull Thesis for Bitcoin
Van Eck explained that figuring out how much money individuals and businesses should allocate to Bitcoin is challenging since the bull thesis for the digital currency undermines all arguments for selling it. He referenced the company’s research suggesting that Bitcoin could rise 50X to $3 million per coin by 2050 if it becomes a global reserve currency.
However, professional investors often recommend portfolio diversification strategies, causing them to sell their Bitcoin, even during a bull run. “Everyone I meet at Bitcoin conferences owns way more in their own portfolio,” said van Eck. “Why should I be selling Bitcoin if I believe this super bull case?”
Launching Crypto ETFs
VanEck’s experience aligns with Robert Mitchnick’s insights. On Thursday, Mitchnick noted the remarkable “buy and hold” nature of Bitcoin ETF holders. Since its launch in January, BlackRock’s Bitcoin ETF has seen just one day of net outflows.
VanEck’s Digital Assets Strategy
Though VanEck is not solely a crypto-centric company, it has issued exchange-traded products for decades. In recent years, the firm has pivoted towards promoting digital assets publicly, with its Twitter account frequently engaging with the online crypto community.
Last month, VanEck became the first company to file for launching a Solana spot ETF, following the SEC’s approval of Ether ETFs for trading. However, Mitchnick from BlackRock mentioned on Friday that they have no plans to launch ETFs further down the crypto risk curve, stating, “The next plausible investible asset is at, like, 3% of crypto’s total market cap. It’s just not close to being at that threshold or track record of maturity, liquidity, et cetera.”
Conclusion
Jay van Eck’s significant personal investment in Bitcoin reflects his strong belief in the digital currency’s future. VanEck continues to lead in promoting digital assets, while the broader investment community navigates the balance between diversification and holding onto promising cryptocurrencies like Bitcoin.
The post VanEck CEO Has “Way Over 30%” Of His Personal Funds In Bitcoin appeared first on Cryptonews.
