This week on the pod, we talk with investor, entrepreneur and longtime market strategist Frank Holmes about gold, Bitcoin, geopolitics and one of the oldest forces in economics: scarcity. After more than four decades investing in gold and commodities, Frank was an early investor in Bitcoin and saw it as a digital store of value with some of the same characteristics that made gold valuable for centuries. We dig into what traditional investors missed about Bitcoin, whether gold and Bitcoin are really competitors, and what geopolitical conflict, sanctions, inflation and currency uncertainty can tell us about both assets. We also get into Frank’s bigger thesis: in an increasingly digital economy, the things that become scarce, whether they are gold, Bitcoin, energy or computing power, can become increasingly valuable.

Frank Holmes is an investor, entrepreneur and longtime market strategist with more than four decades of experience in gold, commodities and global markets. He is CEO and Chief Investment Officer of U.S. Global Investors, which he has led since acquiring a controlling interest in 1989. Frank was also an early investor in Bitcoin, recognizing its potential as a digital store of value alongside gold. His involvement later expanded into Bitcoin mining and digital infrastructure. Today, as Executive Chairman of HIVE Digital Technologies, he focuses on the intersection of Bitcoin, high-performance computing and AI, and the growing demand for the power and compute behind them. His career gives him a unique perspective on the evolution from traditional hard assets like gold to digital assets like Bitcoin, and what may become scarce in an increasingly digital economy.