- Jan Van Eck asserted that the current uncertainty in the banking sector is temporary.
- Eck added that the stimulations provided by the Fed and the banks are also temporary.
- The CEO commented that this year is the beginning of the several-year bull cycle for gold and bitcoin.
Jan Van Eck, the CEO of the investment services company Van Eck Associates, during CNBC’s television program, “Closing Bell: Overtime”, asserted that the current uncertainty in the banking system is temporary. He added that the present era is just the beginning of the “several-year bull cycle for gold and bitcoin”.
Notably, the CEO admitted that he has been expecting a “sideways market for 2023”, reiterating that the current liquidity crunch is a short-term crisis. He elaborated:
I think that the narrative is obviously a little bit more complicated…in this year, where the level, the water in the bathtub is going to be flat…At the end of the year, the water in the bathtub will be the same. It will be a sideways year.
Significantly, he pointed out that though there were some price hikes and monetary benefits in the market at the onset of 2023, it isn’t a reminder of a bullish year. He added that January’s spike in the tech stoke was only an aftermath of the “infusions of liquidity into the market” from Asia and China at the end of 2022.
In addition, he expounded that the Fed’s stimulation and the banks’ support that the financial sector currently celebrates isn’t a permanent scheme, but an attempt to mitigate the ongoing financial turmoil, thus balancing the financial sector to make 2023 a sideways year, but neither a bullish nor a bearish year.
Further, he added that in the midst of volatility and financial turmoil, he holds trust in Bitcoin considering many factors including the less volatility of BTC when compared to many other coins.
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