Jan van Eck, the CEO of VanEck, recently spoke about his views on blockchain technology, cryptocurrency, and other blockchain products, noting that he is highly optimistic about all three.
According to van Eck, digital currencies will keep progressing, and he is extremely impressed by products such as NFTs.
However, he believes the blockchain has the biggest potential, as it might completely revolutionize Wall Street.
Van Eck’s Views on Crypto, Blockchain, and Regulators
Jan van Eck’s stance toward cryptocurrencies does not come as a surprise. After all, his company has spent years negotiating with the US Securities and Exchange Commission (SEC), trying to find a way to gain approval for their Bitcoin Exchange-Traded Fund (ETF). However, regulators have always rejected the proposal—not only VanEck’s, but any sent their way. With little to no effort to actually communicate with VanEck, the SEC has made it clear that they will not allow an ETF no matter who submits the proposal.
But while the ETF requires approval in order to become a reality, other crypto/blockchain products do not.
Van Eck said that he is “wowed” by the NFT phenomenon. He also commented on the crypto-friendliness expressed by most European countries. However, he did have criticism for the UK, where the government has been notably negative toward the emerging crypto sector. But even in the UK, van Eck has started noticing a change.
So far, Rishi Sunak, Britain’s finance minister, appears to be the only believer in digital currencies, stating that he wants the UK to become a global hub for crypto assets. He recently requested that the Royal Mint create a non-fungible token.
The Crypto Industry Development Progresses Without Pause
Jan van Eck also said the “old world” might get left behind if the crypto sector continues to develop at its current rate—if it doesn’t somehow get fused with the emerging blockchain sector first.
VanEck has tried to find a way to offer Bitcoin strategies since 2017, when it first registered cryptocurrency products for its clients. Back in 2020, van Eck said his company had accelerated its efforts to get more involved in the space, noting that it planned to go beyond ETFs and indices.
And while the SEC would not give a green light for a Bitcoin ETF, they did approve a Bitcoin futures ETF in October 2021. This is likely the best that VanEck can hope for right now. Unfortunately, van Eck believes that regulators have already “made their minds up.” As he sees it, they “don’t want to know until jurisdiction is clarified.”
It is also worth noting that his company has strong views on regulations and how they can be improved. They even published a text on the government’s recommendations regarding stablecoins and why they are wrong.
Van Eck realizes that intelligent regulatory effort is necessary in order to bring a true change to the world of crypto.
Unfortunately, that effort is lacking at present.
When it comes to investing, it may be worth asking if crypto is a good hedge against inflation, even given the risks involved. Read William Fleishman’s opinion on the topic now.
If you’re a fan of NFTs but don’t want to get scammed or ripped off, take a look at our article on How to Keep Your NFTs Safe.