Bitcoiners Could Face "Real Trouble," Says Legendary Investor Mark Mobius
Mobius Capital Partners founder Mark Mobius warned Bitcoiners that they could be in for "real trouble" as soon as the music stops during his Wednesday appearance on CNBC.
Once that music stops, we're going to be in real trouble.
The veteran emerging markets investor is certain that the cryptocurrency cannot be considered a viable investment, dismissing Bitcoin as a "religion."
It's not an investment it's a religion. People believe in it; people think they are getting richer.
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Alex DovbnyaStocks, not crypto
While Mobius thinks that it is fine to speculate with Bitcoins, he adds that crypto buyers have to eventually go back to stocks.
The 85-year-old fund manager believes that equities will shield investors from out-of-control inflation:
Stocks definitely are the answer because the devaluation of currency is not going to go away, which means inflation is going to continue at a high rate going forward.
According to the prominent emerging markets fund manager, the prospect of banks raising interest rates poses the greatest risk to the global economy.
A stubborn crypto hater
Mobius has been a cryptocurrency skeptic for years. Last November, he compared the market to "a casino operation."
He also has a questionable track record of price predictions. In late July, after Bitcoin briefly sunk below the $30,000 level, Mobius said that the largest cryptocurrency would drop even lower.
Arman Shirinyan
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Dan Burgin