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Frank Holmes: Ethereum Will See a Major Push Next Year

Summary:
As of late, bitcoin appears to be getting the most attention out of all the world’s many cryptocurrencies. The asset has shot up to about ,000, and many are eager to see if ,000 is right around the corner. Amidst all the hype and hoopla, however, it appears we’ve forgotten about some of the world’s smaller competitors. Assets such as Ethereum, which according to Frank Holmes – chief executive and chief investment officer at U.S. Global Investors – is going to experience a huge bull run sometime next year.Frank Holmes Is Confident in BTC and EthereumHolmes believes that both bitcoin and Ethereum will do well. He is certain that adoption rates will rise to unprecedented levels. However, he did comment in a recent interview that the individual factors contributing to the spread of

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As of late, bitcoin appears to be getting the most attention out of all the world’s many cryptocurrencies. The asset has shot up to about $19,000, and many are eager to see if $20,000 is right around the corner. Amidst all the hype and hoopla, however, it appears we’ve forgotten about some of the world’s smaller competitors. Assets such as Ethereum, which according to Frank Holmes – chief executive and chief investment officer at U.S. Global Investors – is going to experience a huge bull run sometime next year.

Frank Holmes Is Confident in BTC and Ethereum

Holmes believes that both bitcoin and Ethereum will do well. He is certain that adoption rates will rise to unprecedented levels. However, he did comment in a recent interview that the individual factors contributing to the spread of adoption will likely be different for each coin. He mentions:

The number of wallets, people that are embracing bitcoin, that’s been growing for the past three years. Nice steady growth.

He says that the amount of bitcoin addresses that have popped up in recent years is hard to ignore. He’s confident that these figures will continue to spike in the coming months, and that people will take their love of bitcoin to a whole new level.

However, he thinks the narrative that bitcoin is somehow a digital version of gold is relatively moot. He says that the price rise also has a lot to do with the third halving for bitcoin that occurred seven months ago in May. He says that should this have happened to gold the same thing would have occurred for the precious metal. As it turns out, only bitcoin operates this way. He states:

If tomorrow all the gold mines in the world said we’re going to cut supply by about 50 percent, I can assure you gold will be at $10,000.

He also mentions that the amounts of new bitcoins available to rookie traders and buyers are no longer available the way they once were considering large companies such as PayPal and Square are buying up the entirety of these new blocks the moment they are produced. Hence, the lack of supply has largely contributed to bitcoin jumping by more than $10,000 in the last seven months.

When it comes to Ethereum, Holmes is confident the currency will spike given how much technical change has occurred in the ETH blockchain. For the longest time, ETH was running on Ethereum 1.0, which was ultimately bogged down by heavy traffic and high gas fees. The sudden and recent rollout of Ethereum 2.0 is slated to put an end to many of the problems that Ethereum was dealing with. Thus, the currency is in line for major adoption.

Technical Changes Lead to Price Changes

He says:

What happens here is that the supply is shrinking, and the demand is growing and DeFi continues to grow, so I think Ethereum is going to trade much higher.

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