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If Bitcoin Goes Down, Tech Stocks Will Be Hit Very Badly: Mark Mobius

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Wed, 03/10/2021 - 12:12
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Yuri Molchan
Renowned expert Mark Mobius believes that the correlation between BTC and tech stocks is very close to the fall of the former can will hit the latter “very badly”
If Bitcoin Goes Down, Tech Stocks Will Be Hit Very Badly: Mark Mobius
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Famous old-school investor Mark Mobius has talked to Bloomberg and stated that one of his fears is the decline of Bitcoin.

Here is why he is watching this market very closely.

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Image via Bloomberg

"Bitcoin decline may hit tech stocks very badly"

Legendary investor Mark Mobius, founding partner at Mobius Capital Partners, has told Bloomberg that he believes the correlation between Bitcoin and the tech stock market to be very close.

He has recommended watching that space closely since he fears that the decline of Bitcoin may hit the share price of technology companies "very badly."

The investor believes that the real problem of the stock market at the moment is in the technology sector.

Mobius hopes that Bitcoin stays up; in that case, tech stocks may be able to revive after a decline.

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"Gold is falling because Bitcoin getting more popular"

When asked about gold and its recent decline into the $1,700 area, Mobius said he is holding onto his gold, despite the massive outflows from gold ETFs.

He mentioned talking to "all these people and they say, gee! Bitcoin is like gold, it's a store of value!" and assumed that this is the reason why XAU is going down at the moment.

Mobius reckons that there may be some sort of correlation between gold and Bitcoin as well, "otherwise there's no good reason why gold should be down."

Bitcoin recovers to $55,000 as U.S. passes $1.9 trillion stimulus program

After declining to the $43,000 level on Feb. 28, Bitcoin has gradually recovered. At the start of the week, the flagship cryptocurrency went from the $49,000 zone to the $54,000 level as the U.S. Senate passed the $1.9 trillion stimulus program.

At press time, the biggest crypto is changing hands at $55,090.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.