Frank Holmes urges millenials to not abandon gold for Bitcoin

18 May, 2019
by David Borman
Frank Holmes urges millenials to not abandon gold for Bitcoin

It has been reported by Kitco News that Frank Holmes, CEO of US Global Investors, has gone on the record as saying that although he likes Bitcoin, even mentioning that he thinks the bottom is definitely in, he still feels it is no replacement for gold.

In an interview with Kitco, Holmes says that he feels that the signs point to the fact that we are gearing up for the next crypto bull run, based on increased interest across the board:

"What’s important during this whole year is that even though the price fell 80% to 90% depending on the coins, you had an increase of wallets out of people buying bitcoin, and that’s a sign that we’re ready for the next bull cycle."

Despite his general optimism about Bitcoin, however, he did have some harsh words for those who feel Bitcoin will go on to replace gold. He says that he thinks most young people don't understand the historical importance of gold:

"[Millennials] should do their homework, they should open up a history book on why gold is so significant… why the great ‘love trade’, that if you love your country you should have gold in reserve. If you have a crisis, your paper money goes down in tremendous value,” he said. “Gold is what bailed out Britain, getting it over to Canada, and then trading to get weapons from America, it was gold that did it."

He went on to lament how quantitative easing was causing rampant inflation, especially in Europe, and that gold would only become more important as this continued:

"It’s a fear trade right now, because of the trade war, but I think rates are going to fall, I think we’re going to have these negative rates,” he said. “Take a look at Europe. That massive EU has negative real interest rates there’s no hope of them rising, and I think that they’re idiots over there…how can you have all this printing of money in Europe? You better buy gold, and you better back up the truck and have that minimum 10% golden rule."

It is too early to say if gold will continue to be the worlds store of value in an increasingly digital age, or if Bitcoin is ahead of itself in hoping to be a new reserve currency. It is quite plausible that both will be around for investors for some time.

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