Founder of Mobius Capital Partners: “Bitcoin is religious fanaticism” – Bits Media

Mark Mobius, founder of asset management firm Mobius Capital Partners, reiterates his skepticism about Bitcoin, calling it "a form of entertainment".

In conversation with CNBC Mark Mobius (Mark Mobius) stated, that he does not consider Bitcoin an investment tool, because on stocks are more suitable for this role, even despite the fall of the US dollar. Mobius strongly disagrees with the statements of cryptocurrency supporters, that Bitcoin can protect against inflation and become an effective means of storing values.

“Investments in Bitcoin and other cryptocurrencies can hardly be called investments. This is more like religious fanaticism. Cryptocurrencies are created for speculation and entertainment. But, in the end, people need to go back to stocks.", - said Mobius.

He also criticized the legalization of Bitcoin in El Salvador, stated, that only countries with financial problems are interested in accepting cryptocurrencies. but, if countries with developed economies, such as USA, will follow the example of El Salvador and legalize Bitcoin, then he will change his opinion about this cryptocurrency.

According to Mobius, if the US legalizes Bitcoin, it will automatically become a currency, which will be recognized throughout the world. However, the founder of Mobius Capital Partners is confident, that this won't happen anytime soon.

In July 2019 of the year, when Bitcoin traded within $9 000-$13 000, Mobius stated, what if the rate continues to rise, then he will buy BTC. However, even now, when bitcoin stays higher $62 000, and its market capitalization is approx. $1.1 trillion, the investor continues to criticize him.