VanEck Money Management Loves and Loathes Bitcoinbr>
Money management firm VanEck can’t decide if its clients should do as they say, or do as they do.
Portfolio manager Joe Foster, who heads the firm’s International Investors Gold Fund, said in a blog post on August 10th that bitcoin is “a fad that has attracted the attention of programmers, speculators, and early adaptors. “It is my opinion that governments will not allow digital currencies to reach the critical mass needed to challenge the utility of fiat currencies. At best, digital currencies may eventually occupy some middle ground as a niche product,” he said. “At worst, they become a failed experiment that ends in tears.”
Cut to one day later. VanEck files plans with the US Securities and Exchange Commission to create an exchange-traded fund that will invest in bitcoin futures contracts. If approved, its VanEck Vectors Bitcoin Strategy would trade on the Nasdaq.