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Bitcoin Will Recover Quickly, But Here are Reasons it’s No Replacement for Gold – CEO of Global Investors

The recent Bitcoin price surge has created more uproar in the cryptocurrency world with more investors joining the train.
Few weeks back, Bitcoin surprisingly rose from its perceived bottom, then this week it touched $8,500, a value it last reached in 2018. Then, it returned to below $8,000, swinging between $7,500 and $7,000.
As it is, experts are weighing in on the case of Bitcoin – its recovery possibility –and whether it is a replacement for gold.
While noting that there is increasing interest in digital currencies, Frank Holmes, CEO of U.S. Global Investors, has said Bitcoin is not a replacement for gold.
Holmes, who recognised how cryptocurrencies fell 80% to 90%, said there has been an increase in the number of BTC wallets created, pointing to the fact that a large number of people are trooping into the cryptocurrency world.
He said this indicates that “we’re ready for the next bull cycle”.
Read: Veteran Crypto Trader: Bitcoin Price To End Up At $67,193
What Caused the Crypto Correction?
Speaking during an interview on Kitco News , Holmes said the last correction in the crypto world was not a result of overleveraging that added to the 2018 housing market downfall. On this note, Holmes said Bitcoin has the possibility of recovering quickly.
Read: Historical Data Shows Bitcoin Could Reach $78,500, with Market Cycle Giving 2300% Returns
He’s not sure of the time, but Holmes said the correction can take a year. While pointing that we are driving slowly out of the correction, Holmes said BTC is gradually “becoming an alternative asset class like gold”.

Is Bitcoin a Replacement for Gold? History Says
Holmes sees Bitcoin as a form of currency, but he’s pessimistic BTC will not replace Gold.
Conscientising {ignorant} millennials to research more on Gold –why it is majorly important to any economy, Holmes advised that young generations study history on how Gold bailed Britain out.
“If you love your country you should have gold in reserve. If you have a crisis, your paper money goes down in tremendous value,” Holmes reiterates.
“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 post Bitcoin Will Recover Quickly, But Here are Reasons it’s No Replacement for Gold – CEO of Global Investors appeared first on Today's Gazette - Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News .

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