‘I Would Buy’ Bitcoin If Growth Continues Says Investment Legend Mobius (#GotBitcoin)
Bitcoin (BTC) could win over veteran investor Mark Mobius if its current bull run continues, he told Bloomberg on July 7. ‘I Would Buy’ Bitcoin If Growth Continues Says Investment Legend Mobius (#GotBitcoin)
Speaking in an interview on Bloomberg TV, Mobius, who has previously delivered critical statements on cryptocurrency, now said it was impossible to ignore.
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“I’m not a buyer, but I realize it’s something we have to account for,” he summarized.
As a veteran of U.S. finance, Mobius remains broadly on the fence about crypto, a stance nonetheless noticeably more positive than that of figures such as Warren Buffett and JPMorgan Chase CEO, Jamie Dimon.
Nevertheless, Mobius repeated controversial arguments about bitcoin and other cryptocurrencies, notably their alleged role in illicit activity such as the drugs trade.
As Cointelegrpah reported, research continues to disprove such assumptions, data suggesting that cash remains bad actors’ medium of choice.
He further claimed that cryptocurrency required belief in order to function, something true of centralized fiat currency but not, for example, bitcoin, which runs on the certainty of a mathematical formula.
In the future, however, he would be willing to incorporate it into his portfolio. He concluded:
“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 with this.”
In May, he highlighted the ease of moving money with bitcoin as being reason to suggest it would endure.
Part of a broader U-turn which so far remains rare in traditional circles, Mobius no longer claims, as he did in 2017 when bitcoin traded around $20,000, that cryptocurrency has no intrinsic value. ‘I Would Buy’ Bitcoin, ‘I Would Buy’ Bitcoin
Legendary Emerging Markets Investor Mark Mobius Says El Salvador’s Bitcoin Adoption Won’t Likely Catch On Elsewhere
El Salvador’s move to adopt bitcoin is unlikely to find many imitators, Mark Mobius said in an interview with Bloomberg.
“It just doesn’t make sense to have a payments system with bitcoin when you can use [your] phone to make payments,” said Mobius.
Salvadoran president Nayib Bukele has said that bitcoin will help slash the cost of remittances.
El Salvador’s daring move to adopt bitcoin is unlikely to find many imitators, emerging markets veteran Mark Mobius said in an interview with Bloomberg.
As El Salvador begins its nationwide bitcoin adoption on Tuesday, the Mobius Capital Partners co-founder said the move exposed bitcoin’s shortcomings as a payment mechanism, throttling the likelihood of broader adoption.
“It just doesn’t make sense to have a payments system with bitcoin when you can use [your] phone to make payments,” said Mobius, who pioneered the world’s first emerging-markets fund at Franklin Templeton Investments. “You don’t need bitcoin, you don’t need cryptocurrency.”
Salvadoran president Nayib Bukele has said that bitcoin will help slash the cost of remittances, which made up a quarter of the country’s GDP in 2020.
But others fear adopting the volatile cryptocurrency as legal tender will imperil crucial financial-assistance talks with the IMF and destabilize the country’s already weak economic fundamentals.
“El Salvador, let’s face it, is on its back. It’s got real problems. It’s a bankrupt country,” Mobius told Bloomberg.
“They’re grasping at straws with bitcoin.”
He added that a few other countries with weak financial systems, such as Cuba, could adopt bitcoin, but otherwise, he doesn’t expect widespread adoption elsewhere.
Asked what could change his calculus, Mobius said the American government allowing taxes to be paid in bitcoin could make it an internationally recognized currency and catapult crypto into the mainstream.
“But as it stands I don’t see that happening anytime soon,” he said.
Bukele is shrugging off criticism from international investors like Mobius, doubling down on his bet with a government purchase of 400 bitcoin on Monday – worth around $20 million at current prices.
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