Mobius Capital founder says crypto is not an investment but ‘a way to speculate and have fun’

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Mobius Capital Partners founder Mark Mobius said cryptocurrency was not an investment, calling it “a way to speculate and have fun.” He prefers stocks and believes that “the US market will continue to prosper and do well.”

Mark Mobius doesn’t see crypto as an investment

Mark Mobius, the founder of Mobius Capital Partners, spoke about cryptocurrency in an interview with CNBC on Wednesday.

Prior to starting his own business, Mobius was Executive Chairman of Templeton Emerging Markets Group. He joined Templeton in 1987 where he managed over $ 50 billion in emerging market portfolios. He founded Mobius Capital Partners in March 2018.

“It’s not an investment. It’s a religion, ”he said of cryptography, elaborating:

People shouldn’t view these cryptocurrencies as a way to invest. It’s a way to speculate and have fun. But then you have to get back to stocks at the end of the day.

Unlike Mobius, many famous investors and fund managers consider bitcoin to be a good investment. Renowned investors Paul Tudor Jones and Stan Druckenmiller, for example, have said bitcoin is a great hedge against inflation. Jones even recently admitted that he prefers crypto to gold.

Other people who have recommended bitcoin as an investment include Rich Dad Poor Dad author Robert Kiyosaki, who predicted last week that the United States would experience a severe crash, followed by another depression. Additionally, the CEO of Morgan Stanley said last month that bitcoin is not a fad and crypto will not go away.

Mobius further cautioned against rising inflation on Wednesday, noting that stocks are the best bet in the current environment. He nods:

Stocks are definitely the answer as the devaluation of the currency is not going to go away, which means that inflation will continue at a high rate in the future. Remember, America’s money supply has grown by over 30%.

While emphasizing, “We believe the US market will continue to thrive and do well,” the founder of Mobius Capital Partners stressed that the main problem for the US market is the potential for higher interest rates.

“Of course, the big worry is interest rates, if the [global central] banks decide to raise interest rates after buying their bonds, so that could be a big concern not only in the US but in emerging markets in general, ”he concluded.

What do you think of Mark Mobius’ comments? Let us know in the comments section below.

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