Recently, bitcoin has been turning heads with its stellar performance. It continues to flex its muscles and soar upwards in price, attracting the attention of veteran investors. The latest person to change his tune about bitcoin is a hedge fund manager and the founder of Mobius Capital Partners, Mark Mobius. He revealed in a recent interview with Bloomberg that if the current growth of bitcoin continues, he will consider investing in bitcoin.
Has Mark Changed From A Crypto Detractor To A Proponent?
In 2017, the same year that bitcoin hit ATH of $20k, Mobius did not exactly show any interest in investing in bitcoin during a conversation on CNBC stating, “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,”
In an interview with Bloomberg on the 4th of this month, Mobius said he ‘loves gold’ and added that every portfolio should be comprised of at least 10% gold. He articulated, “What’s the sense of holding euro when you get a negative rate? You might as well put it into gold, because gold is a much better cryptocurrency.”
Today, in another interview on Bloomberg Daybreak, Mobius asserts that at the current point of growth of bitcoin, it is not viable as a store of value but if it shows some exponential growth, he will jump on the bandwagon. He stated, “I am not a buyer but I realize it is something we have to account for”.
Nonetheless, Mark Has Some Concerns Over Bitcoin
During the interview, Mark acknowledged that he didn’t know the ‘real value’ of bitcoin because it is not widely held and accepted, stating, “Let’s face it: all currencies are based on faith. If you have faith in the dollar or faith in the renminbi or faith in the euro, whatever it is, then you can use it. “
Another notable concern over cryptocurrencies that Mobius cited was their use in numerous “illicit activities”. However, contrary to his opinion, over the past year, sophisticated technologies have been employed in trading platforms and exchanges to curb devious acts of terrorist funding and money laundering. So, it should not be a major concern.
Regardless of these concerns that Mobius aired, he concluded by saying that if this witnessed growth continues, he will likely invest in crypto assets. He affirmed, “But, at the end of the day, there are many people who do believe in it and if it continues and grows, then I would probably have to be a buyer and be involved in this.”