Mobius Capital Investor: If It’s Man-Made, Blockchain Can Be Broken Into And Its Risky
Renowned investor, Mark Mobius, has poked holes on blockchain technology saying that it can be broken into. According to Mobius any technology developed by an individual has its weaknesses and the notion that blockchain cannot be hacked is just a lie and if the technology is broken into, it can lead to a major crisis in the world.
Speaking to CNBC’s “Squawk Box ” the pioneer founder of Mobius Capital Partners said that the massive support for cryptocurrencies depend on the faith that people have with the internet as well as cryptos.
Mobius explained that blockchain is a high-risk situation and soon people will start realizing how bad it can be to the global economy. He added that it would be better if cryptos were backed by gold. He stated:
“If there is a cryptocurrency that is really backed by gold and there is a meaningful agreement and some kind of modern thing of this connection, then this could be quite interesting.”
Majority of renowned investors have raised their concerns about cryptocurrencies saying they will soon collapse. Recently Warren Buffet compared Bitcoin and cryptos to rat poison saying that he can never invest in Bitcoin. Similarly, Bill Gates has also voiced his opposition in Bitcoin and cryptos saying that the bubble will soon burst.
Many government authorities and agencies have also been raising their concerns about cryptos especially after Facebook announced its plans to enter the market through its Libra project.
Despite the bashing, the crypto space has in the last few months registered tremendous growth with Bitcoin registering a rallying run of about 200% since January to trade above the $10,000 mark.
Do you think big investors will be proven wrong with time after cryptos are adopted for mainstream transactions? Let us know in the comments section.