Well-known Gold Bug, CEO and Chief Investment Officer of US Global Investors, Frank Holmes, sat down for an interview recently and discussed his price predictions for the value of gold in 2021. Holmes also said that cryptocurrencies will continue to do well over the next year as he believes the increasing adoption of bitcoin and decentralized funding (defi) will benefit the industry.
A number of gold bugs like Peter Schiff aren’t particularly interested in Bitcoin and cryptocurrencies. Then there are other well-known precious metals proponents who have tuned in to digital assets like Bitcoin.
For example, gold bug and money expert Andy Hoffman stated a few years ago that he had to “change his thinking process to understand that Bitcoin is not an enemy of gold and silver”. In fact, Hoffman now believes gold and cryptocurrencies are allies to end “the greatest most destructive Ponzi program – Fiat”.
On Monday, well-known gold investor and CEO of US Global Investors, Frank Holmes, spoke about Bitcoin in an interview with Kitco. Much like Hoffman, Holmes is passionate about both types of assets that will do well over the next year.
Holmes said gold, moving an additional 40% north in 2021, is “very doable” and sees precious metals (PM) trading at “$ 2,200-2,600 an ounce”. Holmes, author of The Goldwatcher: Demystifying Gold Investing, firmly says the Prime Minister will obey the 68-95-99.7 rule.
“With the two standard deviation move that has been so common over the past 21 years, we could move the price of gold between $ 400 and $ 800 for the next 12 months. That would take us from $ 2,200 to $ 2,600, ”Holmes said during the interview.
Holmes also discussed the second largest cryptocurrency after market valuation Ethereum (ETH) and spoke about the network’s transition to ETH 2.0. Holmes noted that Ethereum’s value has benefited from developments in decentralized finance (defi). Global Investors’ executive director also said the increasing number of Bitcoin wallets (BTC) has shown that people are embracing the digital asset.
“The number of wallets, people who prefer Bitcoin, has been increasing for three years,” said Holmes.
In addition, the recent halving of the BTC block reward in May 2020 has contributed to the detailed demand for the Holmes crypto asset.
“If tomorrow, when all the gold miners in the world said that we would reduce the supply by 50%, I can assure you that gold will be $ 10,000,” said Holmes during his interview.
It’s not the first time Holmes has spoken about Bitcoin, and he’s been bullish on both crypto and precious metals investments in the past. Holmes from Curzio Research joined Frank Curzio in May when he was discussing current market trends. In the video, the CEO of Global Investors stated that when it comes to Bitcoin vs. Gold, both can be great hedging deals.
What do you think of Frank Holmes, who says Bitcoin and Ethereum will do well in 2021? Let us know what you think on this matter in the comments section below.
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