Bitcoin Is More Like A ‘Casino Operation’, Says Investment Legend Mark Mobius

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Bitcoin Is More Like A ‘Casino Operation’, Says Investment Legend Mark Mobius

Mark Mobius, the founding partner of Mobius Capital Partners, is still bearish on bitcoin.

Speaking with Financial News today, Mobius basically compared investing in bitcoin to a casino operation. He posited that the cryptocurrency’s upsurge is a  “casino operation based on all sorts of rumors and speculation”. The veteran investor further noted that there is no reliable information that can be used to forecast the next move that bitcoin will take as the asset does not follow any particular pattern.

“Trying to predict the price of Bitcoin is a loser’s game.”

Not being able to predict the price of bitcoin falls in line with the notorious volatility that the crypto-asset is known for. In other words, the bitcoin price does whatever it wants. Case in point, back in March, bitcoin nosedived 50% in a single day before quickly recovering in the following months. After the 2020 U.S presidential elections came to a close, bitcoin rallied close to its $20,000 all-time high. The cryptocurrency has since pulled back to the $17,000 level.

Nonetheless, high-net-worth investors, multi-billion-dollar companies, and funds are seemingly not scared of the volatility. In fact, they are jumping on the bitcoin bandwagon without hesitation. Veteran investors Paul Tudor Jones and Stan Druckenmiller have declared hyper bullish stances on the flagship cryptocurrency this year, while companies like Square, MicroStrategy, and Square and other companies dipped their fingers in the bitcoin basket.

Yet, Mobius continues to bash bitcoin. He, in fact, has a track record of throwing shade at the king of cryptos. For instance, he stated back in 2017 that bitcoin is more of a religion rather than a currency.

   
Last year, Mobius said bitcoin is not yet proven as a safe haven as it is backed by mere faith. He argued that the world instead needs a gold-backed cryptocurrency.

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