The famous gold bug, Frank Holmes, CEO and Chief Investment Officer of Global Investors, recently sat down for an interview and discussed his forecast for the price of gold in 2021. Holmes also stated that cryptocurrencies will continue to perform well next year because he believes that the increase in Bitcoin adoption and decentralized financing (defi) will benefit the entire industry.
Gold bugs like Peter Schiff are not keen on Bitcoin and cryptocurrencies. Then, there are other well-known supporters of precious metals who are already keen on using digital assets such as Bitcoin.
For example, gold bug and currency expert Andy Hoffman explained a few years ago that he had to change his “thinking process to understand that Bitcoin is not the enemy of gold and silver.” In fact, Hoffman now believes that gold and cryptocurrencies are allies to end “the biggest and most destructive Ponzi scheme-Fiat.”
On Monday, Frank Holmes, a well-known gold investor and CEO of the US Global Investor Corporation, talked about Bitcoin in an interview with Kitco. Much like Hoffman, Holmes is enthusiastic about the performance of both assets next year.
Holmes said that it is “very feasible” for gold to move 40% northward by 2021, and he believes that the trading price of precious metals (PM) is “2200 to 2600 US dollars per ounce.” Holmes, the author of “Gold Diggers: Demystifying Gold Investment”, firmly stated that the Prime Minister will follow the rules of 68-99.7-99.7.
“In the past 21 years, there are now two standard deviation fluctuations. In the next 12 months, we can fluctuate between US$400 and US$800. This will increase our price from US$2200 to US$2600. “Holmes said in an interview.
Holmes also discussed the second largest cryptocurrency of Ethereum (ETH) by market capitalization, and talked about the network’s transition to ETH 2.0. Holmes pointed out that the value of Ethereum benefits from the development of decentralized finance (defi). Global investor executives also stated that the surge in the number of Bitcoin (BTC) wallets shows that people are embracing digital assets.
Holmes explained: “The number of wallets and people who support Bitcoin has been growing in the past three years.”
In addition, the recent halving of BTC block rewards that occurred in May 2020 has led to detailed crypto asset demand Holmes.
“If tomorrow, if all gold mines in the world say they will reduce their supply by 50%, I can assure you that the price of gold will be $10,000,” Holmes insisted in an interview.
This is not the first time Holmes has talked about Bitcoin. He has been optimistic about cryptocurrencies and precious metal assets in the past. In May of this year, Holmes joined Frank Curzio from Curzio Research when discussing current market trends. Global investor executives explained in the video that in terms of Bitcoin and gold, both are good hedging tools.
What do you think of Frank Holmes (Frank Holmes) saying that Bitcoin and Ethereum will perform well in 2021? Let us know your thoughts on this topic in the comments section below.
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