The short answer: Because he thinks the next U.S. financial crisis will start in Washington, not in the banks, and that "no one can bail us out." On The Pomp Podcast, VanEck CEO Jan van Eck said investors should hold "real assets, gold and Bitcoin in your portfolio" as a hedge against government spending, while admitting he doesn't know if they will pay off. He also pointed to China cutting its U.S. Treasury holdings by more than half from their peak.
Drawing on The Pomp Podcast, hosted by Anthony Pompliano (anthonypompliano.com), with guest Jan van Eck, CEO of VanEck (episode released November 5, 2026).
This is not a portfolio-sizing argument. For how much to hold, see How Much Bitcoin and Gold Should Be in a Portfolio? Jan's case is about sovereign risk: what happens when the borrower everyone relies on is the problem.
Why does Jan van Eck think the next crisis will start in Washington?
He said that "for the entirety of US history, there's been financial crises that have come from the banking system or other industries, like agriculture," and then spread through the banks. This time, he argued, the stress comes from federal spending and debt, "and no one can bail us out." He called it "a structural risk." For his view on what that means for Social Security, see Will the U.S. Default in the Next 10 Years?
Is Jan van Eck a gold bug?
No, he says. "I'm not a gold bug," he said, noting that gold fell for much of his career. His father, John van Eck, was early: VanEck says he launched the first U.S. open-ended gold equity mutual fund in 1968, while gold was still fixed at $35 an ounce, three years before the U.S. ended the dollar's convertibility to gold. Jan said that history is part of why the firm watches government finances so closely. Related: Why Is Gold Falling?
Is China selling U.S. Treasuries?
The official data show a steep decline. "China's holding of treasuries is down by half from its peak," Jan said. U.S. Treasury data put mainland China's holdings at $590.7 billion in August 2026, the lowest since 2008. FRED data show a peak of about $1.32 trillion in July 2011, so holdings are down roughly 55%. One caveat: Treasury notes that securities held through overseas custodians may not be credited to their real owners, and Fortune reported that some Chinese holdings may sit in accounts in Belgium and Canada.
Jan also said private Chinese investors are buying a large share of this year's gold production. We could not verify the figure he gave, so it is not included here.
Will gold and bitcoin be higher in 10 years?
Jan expects so, but frames it as a view, not a promise. "I definitely think it will be higher in 10 years, significantly higher," he said. He also said no one knows whether they will pay off, which is why he presents gold and bitcoin as hedges rather than sure bets. For more on bitcoin's risk profile, see Is Bitcoin Less Risky Now?
Key takeaways
Jan van Eck says investors should own real assets, gold and bitcoin, as a hedge against U.S. government spending.
He argues the next financial crisis will start in Washington, where "no one can bail us out."
He says he is "not a gold bug." His father launched the first U.S. gold equity mutual fund in 1968, according to VanEck.
U.S. Treasury data show China's Treasury holdings at $590.7 billion in August 2026, down about 55% from their 2011 peak.
He expects both assets to be significantly higher in 10 years, but says no one knows if they will pay off.
Best quotes from this episode
"real assets, gold and Bitcoin in your portfolio."
"for the entirety of US history, there's been financial crises that have come from the banking system or other industries, like agriculture"
"and no one can bail us out."
"China's holding of treasuries is down by half from its peak."
FAQ
Why does Jan van Eck recommend gold and bitcoin?
He sees U.S. government spending and debt as a structural risk and says investors should own real assets like gold and bitcoin as a hedge, while admitting no one knows if they will pay off.
Is Jan van Eck a gold bug?
He says he is not, noting gold fell for much of his career. His father, John van Eck, launched the first U.S. gold equity mutual fund in 1968.
How much U.S. debt does China own?
Mainland China held $590.7 billion of U.S. Treasury securities in August 2026, the lowest since 2008, according to U.S. Treasury data. Some holdings may be held through custodians in other countries.
Does Jan van Eck think bitcoin will go up?
He said he is a long-term bull and expects bitcoin and gold to be significantly higher in 10 years. That is his opinion, not a guarantee.
FROM THE HOST
See where gold and bitcoin fit in your own portfolio.
Silvia is a personal AI CFO. Connect your accounts, see your assets and liabilities in one place, and ask questions about your gold, bitcoin and other investments using your own financial context. Access is read-only.
Disclosure: Anthony Pompliano is Chairman and CEO of Silvia, Inc (Nasdaq: SVIA). For educational purposes only; not financial advice.
Watch or listen to the full episode
Hear Jan van Eck make the case for gold and bitcoin.
"Bitcoin Is the Hedge Against a U.S. Default Nobody Sees Coming" with Jan van Eck, November 5, 2026. The gold and bitcoin discussion starts around the 14-minute mark.
Sources
Last updated: November 6, 2026
About The Pomp Podcast
The Pomp Podcast is hosted by Anthony Pompliano and covers the future of business, finance and technology. The show features Pomp's conversations with founders, investors and economists about bitcoin, markets, AI and the economy. Follow The Pomp Podcast on X.
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This article reflects the opinions of the guests and host as shared on The Pomp Podcast. It is guest opinion, not investment advice. Do your own research before making any investment decision.
