Mobius Capital Partners founder: bitcoin is religious fanaticism

Mark Mobius, founder of asset management firm Mobius Capital Partners, reiterated his skepticism about Bitcoin, calling it “a kind of entertainment.”

In an interview with CNBC, Mark Mobius said that he does not consider Bitcoin as a tool for investment, since stocks are more suitable for this role, even despite the fall in the US dollar. Mobius strongly disagrees with the claims of cryptocurrency advocates that bitcoin can protect against inflation and become an effective means of preserving value.

“Investments in bitcoin and other cryptocurrencies can hardly be called investments. It looks more like religious fanaticism. Cryptocurrencies are made for speculation and entertainment. But in the end, people have to go back to stocks, ”Moebius said.

He also criticized the legalization of bitcoin in El Salvador, stating that only countries with financial problems are interested in adopting cryptocurrencies. However, if advanced economies such as the United States follow the example of El Salvador and legalize bitcoin, then it will change the mind about this cryptocurrency.

According to Mobius, if the US legalizes bitcoin, it will automatically become a currency that will be recognized around the world. However, the founder of Mobius Capital Partners is confident that this will not happen in the near future.

In July 2019, when Bitcoin was trading in the $ 9,000- $ 13,000 range, Mobius announced that if the rate continued to rise, he would buy BTC. However, even now that Bitcoin is holding above $ 62,000 and its market capitalization is about $ 1.1 trillion, the investor continues to criticize him.