Jan Van Eck: Trust Me! Bitcoin Will SURGE Past Gold In 2025..

I think the assets kind of rhyme. They do tend to hit sort of all-time highs, you know, sort of in the same year, calendar year. But I think that gold is really... I think they're different assets, they're definitely different assets, Anthony. So if you look at what's happened over the last year for both asset classes, I think it's been super super interesting. So gold, even though M2 money supply was shrinking or at least the growth rate came down dramatically last year, gold rallied. That's unusual. The dollar was strong, gold rallied. That was unusual. So the typical narratives that you really have around gold, and we can get to Bitcoin in a second, have not really been holding. And this year it's extended. And so the point I make is that we live in a different world. We live in a world of de-dollarization. I'm not the first person to make this point, but I really think it's profound. And the factoid I like to use is that India, I would say the best macro story in the world in 10 years is going to be the size of a Continental European economy. So just think about that for a second. And what I also like to say is that's not just a slide from an economist. I think that the further you look out, the higher your conviction can be about some investment trends. I don't know what gold's going to do today, this hour, this week, this year. But if you take these long-term trends on Bitcoin or gold, I think you see this de-dollarization playing out because the Indian policymakers, there's no correlation, they don't want to be a dollarized economy in any way, shape, or fashion. And so after you had the seizure of Russian reserves after the invasion of Ukraine, that was the desire to de-dollarize step one. And I do think the Trump tariffs, I admire our president, but all this crazy tariff talk has just increased the native demand for non-American investors to buy gold. And so I think, look, we live... I like to say people talk about the Fed and the US and this, we live in a global investment world. And so I think that is the trend. It's a multi-decade trend of de-dollarization, a great bid under gold.

I'd say it's a similar theme to what I was saying about gold, which is we live in a global world. And I think, I don't mean to diminish the president's election, but it's sort of like a blip in the context of Bitcoin. It's a global asset, as you said. Global demand. What I like to point out as well is there's a lot of on-chain demand for Bitcoin, right? It's an on-chain asset. And we haven't even started to move finance really on-chain at all. I mean, we're just even starting to. If we talk about demand for Bitcoin wrapped in tradfi, you know, kind of wrappers. But I think there's, you know, we're still early for this whole game. So the Bitcoin ETFs obviously had this huge impact. You guys were right there in the pack and have done a great job, I think, of going out and telling the story of Bitcoin and the ETF story. But it feels like Wall Street's not going to stop with just spot exposure via the ETFs. We see all kinds of stuff in these, you know, 2x levered on top of Bitcoin, treasury companies, we see principal protected notes and all these other parts of the industry.