Bitcoin Is Not Stealing Gold’s Thunder - Frank Holmes

Bitcoin has taken a hit last month while gold is rallying. Frank Holmes, CEO of U.S. Global Investors, told Kitco News that the crypto world is affecting all fund flows in the markets, not just gold, and that cryptocurrencies will ultimately make markets more efficient. “I think the real currency is going to be Ethereum, and they settle every 10 seconds. And it’s a lot less expensive,” Holmes said, “There’s been 2,700 patents filed; major financial institutions to try to streamline their back-offices with this.”Holmes said that the recent rally in gold is not related to outflows in Bitcoins, but sees a threat to conventional safe haven assets in new currencies. “The real issue is these new currencies that have attracted $3.5 billion. Young people would rather open an account at Coinbase in five minutes rather than two days at a brokerage firm and trade these cryptocurrencies,” he said.Speaking on equities, Holmes said that a stock market correction would be triggered by something external, outside of the U.S., or a scandal with the president. (show less)

Bitcoin has taken a hit last month while gold is rallying. Frank Holmes, CEO of U.S. Global Investors, told Kitco News that the crypto world is affecting all fund flows in the markets, not just gold, and that cryptocurrencies will ultimately make markets more efficient. “I think the real currency is going to be Ethereum, and they settle every 10 seconds. And it’s a lot less expensive,” Holmes said, “There’s been 2,700 patents filed; major financial institutions to ... (read more)

Daniela Cambone

Daniela Cambone

Editor-in-Chief

Biography
With over a decade of international experience, Daniela Cambone covers prominent industry events and interviews a number of leading analysts, financiers and political leaders for Kitco News. She began her career covering the Canadian financial and insurance industry and later worked in Europe covering the political and financial scene for the International television station, Press TV. Daniela holds a BA in Broadcast Journalism and an MA in Journalism & Communications.

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