Home Investment A Legendary Investment Guru Just Flipped On Bitcoin – Forbes

A Legendary Investment Guru Just Flipped On Bitcoin – Forbes

5 min read
0
23

Bitcoin, which has been rapidly climbing in price over the last couple of months, has reignited the public debate surrounding the future of cryptocurrencies, their value as investments and their use in an increasingly digital world.

The bitcoin price, now double where it began 2019, has been hovering just above $8,000 since gaining $2,000 per bitcoin in just a few short days at the end of last week, and many are hailing a new bitcoin and cryptocurrency bull run—with eyes on the $20,000 per bitcoin reached in late 2017.

Now, Mark Mobius, the cofounder at Mobius Capital Partners and a legendary veteran investor who once branded bitcoin a “Ponzi scheme”, has said bitcoin is now, and will be, “alive and well.”

Mark Mobius, an emerging markets veteran investor, has previously poured scorn on bitcoin and cryptocurrencies.

Getty

“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially,” Mobius, who’s 82, told a Bloomberg newswire podcast. “I believe bitcoin and other currencies of that type are going to be alive and well.”

Despite changing his tune on the potential of bitcoin and crypto, Mobius said he has held off investing in bitcoin or other cryptocurrencies himself.

“Whether I would invest in it is not a question,” Mobius said. “You have incredible volatility and, at the end of the day, you can’t chase one individual group or one organization that will keep track of what is going on.”

“You have to be very careful,” he added, pointing to the collapse of one-time preeminent bitcoin exchange Mt. Gox in early 2014 which lost early bitcoin investors millions.

The bitcoin price has surged in recent months, though remains far from its all-time highs set in late 2017.

Coindesk

Mobius also warned that tensions between the U.S. and China, the world’s two largest economies, is a much more ideological struggle than just the trade war it has been about so far, given the $300 billion trade deficit and the rising capability of the technology in China.

Mobius, who has previously described U.S. president Donald Trump as “dumb as a fox”, set up Mobius Capital Partners in early 2018 after serving as Templeton’s emerging markets investment group executive chairman since 2010, a fund he first joined in 1987.

Let’s block ads! (Why?)


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Home Depot employees build walker for toddler amid concerns about insurance coverage | TheHill – The Hill

Employees at a Georgia Home Depot banded together to build a walker for the child of a cus…