Jan van Eck: Bitcoin adoption stagnation impacts price expectations, private credit offers high yields, and gold is reemerging as a global currency | The Pomp Podcast

Gold's rising status as a global currency challenges traditional investment strategies amid economic stability.

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Add us on Google by Editorial Team May. 28, 2026

Key takeaways

• Bitcoin adoption has stagnated over the past two years, impacting price expectations.
• BDC pricing shows a disconnect with actual high yield market default rates.
• The US economy is currently strong, reducing the likelihood of a spike in defaults.
• Private credit issuers offer high yields and significant growth potential.
• The ETF business is a major growth area in financial services.
• Fixed income ETFs provide liquidity but are vulnerable during market dislocations.
• Gold is gaining traction as a global currency and valuable asset class.
• Asset class selection is crucial in investment decision-making.
• Gold may outperform equities due to dollar debasement rather than company productivity.
• Rising production costs are affecting the profitability of gold mining companies.
• Institutional adoption of Bitcoin remains limited, affecting its market dynamics.
• High yield market conditions present both risks and opportunities for investors.
• Economic indicators suggest a stable environment for corporate America.
• The growth of ETFs is reshaping the landscape of financial services.
• Gold’s role in the economy is becoming increasingly significant.

Guest intro

Jan van Eck is the Chief Executive Officer of VanEck, a global asset manager known for its ETFs and digital asset investment products. He has led the firm since 1992, helping grow it from about $1 billion in assets under management to tens of billions as it became one of the leading ETF providers.

Bitcoin adoption and price expectations

• The adoption of Bitcoin has not significantly changed in the last two years, which affects its price expectations.

  — Jan van Eck

• Central banks and corporations have not embraced Bitcoin, limiting its price growth.

• Why would you expect some big change in the price of Bitcoin when nothing has happened?

  — Jan van Eck

• The stagnation in Bitcoin adoption suggests a need for new catalysts for price movement.
• Institutional adoption remains a key factor for future Bitcoin price increases.
• Market participants should adjust their expectations based on current adoption trends.
• The lack of significant adoption changes challenges bullish Bitcoin narratives.
• Investors should be cautious about expecting rapid price increases without adoption shifts.

BDC pricing and high yield market

• BDC pricing reflects a disconnect with actual default rates in the high yield market.

  — Jan van Eck

• BDCs are pricing in a 10% default rate, while actual rates are around 2.5%.
• This disconnect presents potential investment opportunities in the BDC space.
• Investors should consider the actual risk versus perceived risk in BDCs.

• The reality of the high yield market now arguably it’s that’s high graded a little bit.

  — Jan van Eck

• Understanding these discrepancies can lead to more informed investment decisions.
• The high yield market’s current state suggests stability rather than impending defaults.
• BDCs may offer attractive returns if the market corrects this pricing disconnect.

US economy and default outlook

• The US economy is in good shape, suggesting no huge spike in defaults is expected.

  — Jan van Eck

• Corporate America is currently stable, reducing default risks.
• Economic indicators support a positive outlook for credit markets.
• Investors can be optimistic about the near-term economic environment.

• There’s no reason to think we’re gonna get this huge spike in defaults.

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  — Jan van Eck

• A stable economy supports continued growth and investment opportunities.
• The strength of the US economy provides a buffer against potential downturns.
• Credit markets are likely to remain resilient in the current economic climate.

Private credit investment opportunities

• Private credit issuers present an exciting investment opportunity due to their high yields and growth potential.

  — Jan van Eck

• Companies like Blue Owl offer high yields, making them attractive to investors.
• The private credit market is growing, offering new opportunities for returns.

• That’s a very exciting story when you look at let’s take Blue Owl.

  — Jan van Eck

• High yields in private credit can enhance portfolio performance.
• Investors should explore private credit as a diversification strategy.
• The growth potential in private credit is driven by market demand and innovation.
• Private credit investments can provide stability in uncertain markets.

ETF market growth and impact

• The ETF business continues to grow and is a significant area of expansion in financial services.

  — Jan van Eck

• ETFs are reshaping the financial services landscape with their growth.
• The expansion of ETFs offers new opportunities for investors and firms.

• It’s the growth area of financial services.

  — Jan van Eck

• Investors are increasingly turning to ETFs for diversification and liquidity.
• The ETF market’s growth is driven by innovation and investor demand.
• ETFs provide accessible investment options for a wide range of investors.
• The continued growth of ETFs is expected to impact traditional investment strategies.

Fixed income ETFs and market dislocations

• Fixed income ETFs provide liquidity but are vulnerable during market dislocations.

  — Jan van Eck

• Only a small percentage of bonds in fixed income ETFs trade daily, affecting liquidity.
• Market dislocations can expose vulnerabilities in fixed income ETFs.

• It’s really become a very liquid vehicle now it’s vulnerable when you have market dislocations.

  — Jan van Eck

• Investors should be aware of the risks associated with fixed income ETFs during volatility.
• Understanding the mechanics of fixed income ETFs can inform investment decisions.
• Fixed income ETFs offer benefits but require careful risk management.
• Market conditions can significantly impact the performance of fixed income ETFs.

Gold as a global currency and asset class

• Gold is reemerging as a global currency and is a powerful asset class in the right economic environment.

  — Jan van Eck

• The economic climate supports gold’s role as a valuable investment.
• Gold’s reemergence is driven by global economic and currency trends.

• I am very bullish over the next ten years because I think gold is reemerging as a global currency.

  — Jan van Eck

• Investors should consider gold for its stability and long-term value.
• Gold’s performance is linked to economic conditions and government policies.
• The strategic value of gold is becoming more apparent in today’s market.
• Gold offers a hedge against currency devaluation and economic uncertainty.

Importance of asset class selection

• The number one question when discussing investments is whether clients want to own the asset class.

  — Jan van Eck

• Asset class selection is critical for aligning investments with client goals.
• Understanding client preferences is essential for successful investment strategies.

• Your asset class decision is so important.

  — Jan van Eck

• Investors must consider the long-term implications of asset class choices.
• Asset class decisions can significantly impact portfolio performance and risk.
• Effective asset class selection requires knowledge of market trends and client needs.
• The right asset class can enhance returns and provide stability in portfolios.

Gold versus equities and dollar debasement

• Gold may outperform equities due to the debasement of the dollar rather than the productivity of underlying companies.

  — Jan van Eck

• Historical trends show gold’s potential to outperform equities in certain periods.
• The dollar’s debasement impacts the relative performance of gold and equities.

• It suggests that maybe a lot of the equity growth has really just been the debasement of the dollar.

  — Jan van Eck

• Investors should consider gold as a hedge against currency devaluation.
• Gold’s performance relative to equities highlights its strategic value.
• The relationship between gold and equities is influenced by macroeconomic factors.
• Understanding these dynamics can inform investment strategies and asset allocation.

Rising production costs and gold mining

• The cost of producing commodities, including gold, has increased, affecting the profitability of gold mining companies.

  — Jan van Eck

• Inflation and resource scarcity are driving up production costs in mining.

• We’re running out so you have to dig more tons of dirt for every little ounce of gold.

  — Jan van Eck

• Higher production costs impact the profitability and valuation of gold mining firms.
• Investors should be aware of the challenges facing the mining industry.
• Rising costs may affect supply and demand dynamics in the gold market.
• The profitability of gold mining companies is linked to broader economic trends.
• Understanding these cost factors is crucial for evaluating mining investments.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.