Speaking to CNBC, Mobius suggested that cryptocurrencies are not an investment option but a speculation tool used for fun. He maintained that stocks remain the perfect option of investment despite cash devaluation. The investor further dismissed the notion that Bitcoin is a hedge against inflation, stressing that stocks have the upper hand over the digital currency. Over the years, Mobius has maintained that cryptocurrencies do not have a future while criticizing the asset’s adoption by countries like El Salvador.
Mobius crypto skepticism
In a previous interview, Mobius suggested that the adoption of Bitcoin is only appealing to countries with financial challenges. However, he stated that if countries like the United States push for Bitcoin adoption, he might change his mind. According to Mobius, if the U.S. accepts cryptocurrencies, they will automatically become an internationally recognized currency. His sentiments come as Bitcoin continued to trade above the $60,000 mark. By press time, the asset was trading at $62,400. At the same time, Ethereum hit an all-time high on Wednesday while building upon Bitcoin’s rally. Earlier in the day, EHT rose $4,643, gaining 14% over the past seven days. Both cryptocurrencies have been benefitted from an array of positive news like the increased adoption by institutional investors. Similarly, Bitcoin has surged in the wake of Bitcoin exchange-traded funds (ETF) approval. Related video: Crypto is a religion, not an investment: Mark Mobius [coinbase]
