In the past year, the narrative of crypto assets like bitcoin being used primarily to settle proceeds of criminal activities has noticeably subsided due to the emergence of various blockchain analytics firms and technologies.
Speaking recently on Bloomberg Daybreak: Middle East, Mark Mobius, an emerging markets fund manager and the founder of Mobius Capital Partners, said that if bitcoin continues to grow at the current rate, he would consider investing in the dominant crypto asset.
Let’s face it: all currencies are based on faith. If you have faith in the dollar or faith in the renminbi or faith in the euro, whatever it is, then you can use it.Mark Mobius
Earlier this month, Mobius said that every portfolio needs to hold ten percent of gold to hedge against the global economy and the performance of the equities market.
“I’m not a buyer but I realize that it is something we have to account for. The reason why i am not a buyer is that i don’t know what the real value is and unless it is so widely held and accepted then that’s a different story. Let’s face it: all currencies are based on faith. If you have faith in the dollar or faith in the renminbi or faith in the euro, whatever it is, then you can use it. But the problem with these cryptocurrencies is that it is not that widely used, except in a lot of illicit activities. But, at the end of the day, there are many people who do believe in it and if it continues and grows, then I would probably have to be a buyer and be involved in this.”
The full video can be viewed here:
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