Mark Mobius confirmed his skepticism about cryptocurrency, despite the exponential growth of the market.
The investor and founder of Mobius Capital Partners in an interview with CNBC said that cryptocurrencies are like a religion and they are supported only by the fanatical faith of investors.
In his opinion, Bitcoin cannot act as a hedging tool against inflation. According to the businessman, the only tool for preserving values in such a difficult period remains shares.
I cannot call the purchase of cryptocurrency an investment. It's more like religious fanaticism. Sooner or later, people will understand that cryptocurrencies are created for speculation and entertainment, and will return to stocks
The guru of world markets remains conservative and believes that only stocks can protect and increase investors’ funds. At the same time, he admits that “currency devaluation will not stop, which means that inflation will pick up pace.” However, cryptocurrencies are not a solution to the situation. Only if America officially legalizes Bitcoin and it is recognized throughout the world will Mobius change his mind.
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