Jan Van Eck, CEO of Van Eck Associates, told CNBC’s ETF Edge that he believes many investors who sold gold for Bitcoin during its climb to $20,000 are now returning to precious metals. His reasoning: the CBOE’s withdrawal of the Van Eck SolidX Bitcoin ETC on Jan. 23rd.
Interest in cryptocurrencies has slumped in line with the ongoing bear market. January of last year a bitcoin was trading for $13,500. Now, a single coin commands less than $3,500—a 74 percent drop.