Bitcoin has fallen more than 60% since its December highs, but one prominent investor thinks that this is not a sign of the “bubble” bursting, and the largest digital currency still has more room to grow.
“Bitcoin is a unique animal,” Frank Holmes, CEO of U.S. Global Investors, told Kitco News on the sidelines of the Vancouver Resource Investment Conference, “It’s capped at 21 million coins, there’s about 10 million out,” he said.
Aside from bitcoin, Holmes said he also likes Ethereum and Ethereum Classic, and dismisses worries around government regulation circling cryptocurrencies as well as an
excessive need for energy when mining.
“It’s all greatly exaggerated, except for the regulators coming down – that’s not exaggerated,” Holmes said, “and they have to be, because there are bad people trying to use the crypto model to steal money.”
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