CEO of the investment firm VanEck Associates Jan van Eck(Jan van Eck) believes that the bitcoin investors are leaving the cryptocurrency into gold. He said this in the transfer of ETF Edge on CNBC.

In his opinion, bitcoin has somewhat reduced the demand for gold in 2017 and last for years, but now the situation has reversed.

“Interestingly, we surveyed 4,000 investors in bitcoin, and their number one investment for 2019 is actually gold. So gold lost to bitcoin, and now he goes the other way,” said VanEck.

Founder and investment Director at asset management Asset Management Seymour Tim Seymour (Tim Seymour) also believes that the function of bitcoin as a store of value is questionable.

“Not only did we lose the entire liquidity of the underlying commodity, but really, excluding the existential argument of the blockchain, very difficult to talk about savings, we began to hear. Gold-here is a store of value, and it is undeniable,” he said during the program, CNBC.

In June last year VanEck and blockchain company SolidX filed a joint application to the Commission on securities and exchange Commission (SEC) to launch bitcoin exchange-traded Fund (ETF). Her approval was considered one of the most likely and expected, but the SEC has deferred the decision. In January stood for application CBOE withdrew it, VanEck said that the revocation is temporary. At the same time, as recalled by CNBC, VanEck manages two ETFs on the basis of the shares of gold mining companies. In the fourth quarter of last year growth of GDX and GDXJ was 14%.

Earlier, analysts from investment Bank JPMorgan Chase came to the conclusion that institutional investors are leaving the cryptocurrency market.