Categories: General Market Commentary / Precious Metals
Topics: General Market Commentary / General Precious Metals

If You Think Bitcoin Can Replace Gold, Then Read A History Book – Frank Holmes

As much as bitcoin can be seen as a form of currency, it still is not a replacement for gold, said Frank Holmes, CEO of U.S. Global Investors.

He said that it is not well understood, especially by today’s younger generations, why gold is fundamentally important to any economy.

“[Millennials] should do their homework, they should open up a history book on why gold is so significant… why the great ‘love trade’, that if you love your country you should have gold in reserve. 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,” Holmes told Kitco News.