Experienced investor Mark Mobius considers Bitcoin (BTC) and other crypto assets not an investment vehicle.
The co-founder of Mobius Capital Partners pointed to stocks as the solution to dealing with currency inflation in a new interview with CNBC:
“Equities are definitely the answer because devaluation of currencies will not go away, which means inflation will continue at a high rate. Remember, the US money supply has increased by over 30%. Bitcoin and cryptocurrency is religion. It’s not an investment, it’s a religion. They believe this. People think they’re getting rich, and that’s okay as long as the music keeps playing. ”
“Everyone should get up and dance, but once this music stops, we’re going to be in real trouble,” the analyst said, referring to Charles Prince, former head of Citibank. The analyst said:
“This is why people should not look at these cryptocurrencies as investment vehicles. It’s a tool for speculating and having fun, but at the end of the day, you need to get back to stocks. ”
In an interview with Bloomberg in September, Mobius stated that he might change his mind about Bitcoin (BTC) if it is accepted as a tax payment method.
“If governments around the world, especially the US government, allow taxes to be paid in Bitcoin or some cryptocurrency, then I will change my mind. Because then it will become an internationally accepted currency. But as it is now, that is not the case. I don’t see this happening anytime soon. ”
