In a recent interview with Kitco News presenter David Lin, the president of Global Investors, Frank Holmes, predicted that Ethereum (ETH) would be the next Crypto to explode upwards.
Holmes compared the two top cryptocurrencies (BTC and ETH) during the interview telling David Lin that Euthereum behaves like silver in the market while BTC is like gold. The reason is that the moment gold shot up by close to twenty per cent, silver also surged by about thirty per cent.
Ethereum, which is the 2nd most-valued cryptocurrency, is currently up by eight hundred and thirty per cent from the past year.
Why Frank Holmes Believes Ethereum is Going High
Frank Holmes, who chairs the HIVE blockchain technologies, added that the significant challenge is that many young Crypto enthusiasts have Graphics Programming Units (GPUs). GPUs allow these users to mine their ETHER; hence the company acquires a lower number of coins.
The HIVE chair revealed that nodes that produced over three hundred ETHER daily currently create around eight. Despite this, Holmes says their prices have risen dramatically due to the fact that most of the gamers globally joined the Cryptocurrency market.
Based in Canada, HIVE Blockchain Technologies limited is the 1st Crypto mining firm listed on the Toronto Venture Exchange traded publicly. The company operates globally, bridging Cryptocurrency and Traditional capital Markets.
Another concerning thing for Ethereum is their transition from PoW to PoS consensus mechanism.
According to Holmes, Ethereum has far more uses compared to Bitcoin. One notable benefit is that users use Ethereum for Non-Fungible tokens and Decentralized Finance.
Holmes also had some positive remarks for Bitcoin. For example, Bitcoin is able to carry out fast & affordable transactions. He was comparing this to the traditional platforms of money transfer such as Western Union.
Notably, the HIVE chair said that Bitcoin’s success could be because of the remittances. Frank Holmes then concluded by urging young enthusiasts and investors to trade both Ethereum (ETHER) & Bitcoin (BTC).
Who is Frank Edward Holmes?
Frank Edward Holmes is a Canadian- American investor, Chief Investment Officer, and Chief Executive Officer of Global Investors.
The company, based in Texas, supervises over four billion in assets. Edward also chairs HIVE Blockchain Technologies.
What is Ethereum (ETHER)
Launched in 2015 July, Ethereum (ETHET) is simply a blockchain platform that has its own crypto known as ETHER (ETH). As a network, the blockchain platform is a decentralized ledger that verifies & records transfers.
Additionally, the network has a programming language called solidity.
It is also safe from theft and fraud. The digital currency has competitors like Bitcoin, Microsoft, IOTA, NEO, Ripple, and even IBM.
Unlike bitcoin, there is no limit to the amount of ETH that can get created. By next year we expect to see Ethereum (ETH) move from current proof of work to proof of state.
This year, Ethereum’s market capitalization has grown close to three hundred billion dollars.
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