Known Seven-Figure Emerging Market Investor Mark Mobius Joins The Bitcoin Bandwagon
Mark Mobius Joins The Bitcoin Bandwagon. Calls It Alive And Well
After more than a year of the crypto bear market, the air has turned bullish. The sentiment around the technology is turning positive. Even people who were critical of the asset have been speaking out in favor of it. One such example is Mark Mobius who one called bitcoin a fraud. Now, he says it is “alive and well.”
In an interview with Bloomberg, he said:
“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially. That is really the backing to bitcoin and other currencies of that type. So I believe it’s going to be alive and well.”
Look Back At Mobius’ Earlier View On Bitcoin
The formerly mentioned comments are in stark contrast to just eighteen months ago, when Mobius came out highly critical if Bitcoin as it circled its all-time price high of $20,000. In an interview with CNBC, he had said:
“You’ve got to separate the transmission (from) the value proposition, in other words, ‘Is it really valuable, is it worth something?’ – and that, of course, is not the case.”
Still Not Investing In Cryptos
Despite changing his tune on the potential of bitcoin and crypto, Mobius said he has held off investing in bitcoin or other cryptocurrencies himself. In the same interview he continues:
“Whether I would invest in it is not a question. 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.”
He is critical about the security around Bitcoin, taking the example of Japanese exchange Coincheck to illustrate the lack of certainty for investors. Coincheck lost over half a billion dollars to hackers in January 2018.
Other Investing Veterans To Turn Too?
Recently Warren Buffett referred to Bitcoin as a gambling device saying that it doesn’t do anything. ‘It just sits there. It’s like a seashell or something, and that is not an investment to me,’ he said. When Buffett looks at his peers switching team, he is bound to ask himself questions for his positions.
Even JP Morgan boss Jamie Dimon went down the same path as Mobius and publically admitted to regretting calling Bitcoin a fraud.