Categories: Bitcoin Business

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Click here to view original web page at
Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis Mascarenhas

By CCN Markets: Mark Mobius, the legendary emerging-markets investor and founder of Mobius Capital Partners, referred to bitcoin as a “psycho-currency” on Tuesday in an interview with Bloomberg.

He claimed the rise of “faith-based” cyber-currencies would ultimately push investors towards hard assets like gold.

“You have all these new currencies coming into play. I call them psycho-currencies because it’s a matter of faith whether you believe in bitcoin or any of the other cyber currencies. And I think with the rise of that, there’s going to be a demand for real hard assets and that includes gold because gold can play a role not only as an asset, but as a currency.”

Mark Mobius remains skeptical of 'psycho-currencies' like bitcoin but urges investors to buy gold. Source: Reuters

Mobius accidentally makes the case for bitcoin

Although he shrugged off bitcoin, he urged investors to load up on gold as central banks prepare to ramp up the monetary printing press.

“I think you have to be buying [gold] at any level, frankly. Gold long term prospect is up, up, and up. The reason why I say that is money supply is up, up, and up. The efforts by central banks to lower interest rates, they’re going to be printing like crazy.”

In his analysis, Mobius touches on bitcoin’s raison d’être. Central banks around the world are indiscriminately increasing the money supply, while bitcoin remains hard-capped and limited. BTC is a scarce asset and hard money. The antithesis of central bank printing presses.

In a roundabout way, Mobius just made the case for bitcoin.

Mobius softening on crypto?

Mobius may not be ready to go all-in on BTC yet, but his stance has softened in the last 18 months. In 2018, he called bitcoin a “fraud” that made the tulip mania look bad.

"I think bitcoin is a real fraud, I really do. The first thing I do is ask people 'can you explain it to me? Who is running it? Who is controlling it?' And nobody can.”

Top investor Mark Mobius weighs in on the outlook for bitcoin #TheYearAhead

— Bloomberg Markets (@markets) December 6, 2017

Earlier this year, his rhetoric changed slightly, affirming that bitcoin probably wasn’t going anywhere.

“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.”

Mark Mobius may not be a bitcoin buyer yet, but he knows it’s here to stay.

This article is protected by copyright laws and is owned by CCN Markets.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Everyone’s Worst Fears About EOS Are Proving True

The Takeaway: EOS is the world’s seventh-largest blockchain by market cap, with a value topping $3 billion since February 2019.… Read More

3 hours ago

Street Artist Makes $12,000 in Bitcoin Donations

A French street artist best known for painting lady liberty leading the yellow vests has stated he has received more… Read More

4 hours ago

Wave Financial Launches World-First Bitcoin Yield Fund: Wave BTC Income & Growth Digital Fund

LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More

4 hours ago

Nigerian man returns bitcoins worth $80,000

Keith Mali Chung returned Bitcoins worth $80,000 mistakenly transferred to him. A Nigerian man who found $80,000 dollar's worth of… Read More

4 hours ago

Bitcoin Surrenders Post Fed Rate Cut; Pullback Awaited

Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More

4 hours ago

Bitcoin Hashrate Hits All-time High as Price Dwindles

The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More