The next cryptocurrency to explode, according to Frank Holmes, is Ethereum cryptocoin.com‘in. Frank Holmes, CEO and CIO of US Global Investors, predicts that Ethereum will be the next cryptocurrency to rise. Ethereum, the second most valuable cryptocurrency behind Bitcoin, has already gained 830 percent for the past year. Holmes also opened up about gold.
Ethereum and gold explanations
Holmes, who is also the Chief Executive Officer of HIVE Blockchain, spoke with David Lin. Holmes compared the phenomenon of silver followed by the rise of gold to the relationship between Bitcoin and Ethereum. Holmes says:
When gold goes to the 50-day moving average and rises 15-20 percent, silver suddenly rises 30 percent. Ethereum is for Bitcoin the same as silver for gold. Bitcoin brings a huge load, then suddenly Ethereum explodes upwards. This is the sweetest spot for us. The biggest challenge we face in our mining for Ethereum is that many young people have GPU chips to play games and they all mine Ethereum, so we get less cryptocurrencies. Our prices have increased dramatically compared to a year ago, but machines that used to produce 300 Ethereum per day when Ethereum used to be $300 are now generating 80 per day. Our net income or gross income is higher because all these players in the world are in crypto. The game as a whole is a $600 billion business.
What is the point of concern for Ethereum?
Holmes expressed his biggest concern for Ethereum: “We are moving from proof-of-work to proof-of-stake. But that hasn’t happened yet, any upgrade simply shrinks the supply. But that doesn’t stop the demand and people from mining for it. In fact, it is much more decentralized than Bitcoin miners worldwide.” Holmes also explained why he is so optimistic about Ethereum: “It’s a smart contract. Ethereum has a lot more uses than Bitcoin, as does silver – 20 percent of silver demand is for solar power. It has a green footprint, viruses cannot live on silver, many medicinal uses etc. there is. Same thing with Ethereum is used for NFTs, DeFi. It is a much more important backbone for growth in blockchain.”
However, Holmes said that Bitcoin also has positive characteristics. “Bitcoin is a store of value. Its biggest asset is its ability to transfer instantly and cheaply compared to traditional money transfers like Western Union. Thus, remittance between developed countries and developing countries is a classic reason why Bitcoin is a superior way of transferring money. “said. Holmes encourages young and aggressive investors to own both Bitcoin and Ethereum. “Gold is a great investment for the conservative or older investor, but it has relatively outstripped the markets for printing money,” Holmes said. “Gold should have a potential of $3,000 per ounce in the short term,” he said.
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