Although Bitcoin (BTC) is great, Millennials need to learn about gold. This is what the CEO of the asset management firm US Global Investors, Frank Holmes, said at the Consensus conference in New York. Holmes believes that the digital currency is going to become an alternative asset class but it does not mean that younger investors shouldn’t learn about gold.
Millennials Need to Learn About Gold
During the Consensus conference in New York, the CEO of US Global Investors and HIVE Blockchain Technologies explained that Bitcoin will become an alternative asset class. During a conversation with Kitco News, he said that the signal that the bottom occurred in the market was JP Morgan launching its own digital currency.
On the matter, he commented:
“They trash talked Bitcoin all the way down until February of this year when they released their coin. All of a sudden we had a bottom in Bitcoin.”
Back in December 2018, Bitcoin dropped to $3,200 and since that moment it started growing. At the same time, he mentioned that the number of wallets continued to increase even during the bear market, which means that Bitcoin is entering a new bull cycle based on top of a great base.
Holmes went on saying that the crypto market should recover more quickly than other crashes. He has also mentioned that the bear market of 2018 was not caused by overleveraging. Since its all-time high in 2017, Bitcoin dropped more than 82% until it finally reached a bottom.
He has also talked about the #DropGold campaign that was promoted by Grayscale Investments a few weeks ago. Holmes stated that people and investors shouldn’t see Bitcoin as a replacement of gold. Moreover, he attacked millennials by calling them ignorant and their desire to rebel against anything.
About it, he explained that millennials should do their homework about why is gold so important and significant.
“If you have a crisis, your paper money goes down in tremendous value. Gold is what bailed out Britain, getting it over to Canada, and then trading to get weapons from America, it was gold that did it,”
The #DropGold campaign has already been viewed by more than 1 million individuals on social media. This number is much larger because it does not include TV commercial numbers. The goal behind this campaign was to start a conversation regarding gold and Bitcoin and to attract new investors to the crypto market.
At the time of writing this article, Bitcoin is being traded around $7,300 and it has a market capitalization of almost $130 billion. An ounce of gold is currently worth $1277.