Finance News
By Dan Saada
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Frank Holmes believes that digital currencies are becoming an "alternative asset class," which is a lot similar to gold, the shiny, precious metal.
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When discussing the Millennial Bitcoin and cryptocurrency interests, he opined that the Millennials need to know about gold.
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While taking a break from the consensus gathering that took place to attend Kitco News, he expressed his opinions about the cryptocurrency and the gold markets.
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Holmes stated that he sensed that the ultimate bottom for Bitcoin had occurred at $3,200 when JP Morgan introduced its cryptocurrency.
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Holmes opined that Bitcoin would recover from its historic crashes very quickly than the other landmark crashes of the past.
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“This [correction] can be a year, and we’re slowly climbing out of it, and [Bitcoin] is becoming an alternative asset class like gold.”
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While Bitcoin has been commonly described as Digital Gold, Holmes has to state that Bitcoin should not be seen as a replacement for gold.
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Holmes was irked by the idea of many people turning their back against the gold, being a store of value.
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He stated, "[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,…
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When talking about the consensus gathering, the CEO stated it was a positive sign for the market. He said, “People are still fragile, they don’t believe it.
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Whatever be the opinions of analysts, the overall cryptocurrency market is all set to have Bitcoin reach unimaginable heights.
The Currency Analytics
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