Crypto is a religion not an investment, global investor Mark Mobius says
On November 3, Global investor Mark Mobius said on CNBC’s “Squawk Box” that he considers cryptocurrency not just an investment, but a whole religion, joining the rest of the skeptics, while bitcoin reaches record numbers. In his opinion, mining should bring pleasure, allow people to reason and enjoy it. But in the end, it all comes down to stocks.
JPMorgan Chase CEO Jamie Dimon actively criticizes bitcoin and considers it absolutely useless and completely not a logical currency.
Another opinion is that of billionaire investor Paul Tudor Jones, who believes that every currency has the right to exist. He recently spoke for CNBC, in his opinion, the cryptocurrency is put in opposition to inflation and copes with this task better than metals.
Mobius, who has a serious career under his belt at Franklin Templeton, believes that for initial investments and the beginning of the path in investing, it is worth paying attention to stocks due to various factors in currency and inflation. After all, the total amount of US money has grown by about 30%, so the shares give some kind of guarantee. According to the general situation, it is clear that the currency will continue to devalue and because of this, inflation will only increase.
According to Mobius, due to the increased amount of liquidity due to the covid policy of banks, a large amount of money will be transferred to stocks.
In his interview with Squawk Box, Mobius announced that he had invested the largest assets in Taiwan (20%), India and China (5-6%). He also added that he is currently engaged in improving conditions, searching for new software solutions and opportunities.
In the interview, the words were also heard that the US market is gaining momentum, developing and its huge potential is being observed, even though stocks were trading near record highs. Many American companies began to take advantage of the current situation and make a profit.
Mobius considers the main problem for the US market to be its possibility of raising interest rates, due to investors expecting a possible increase. While the Federal Reserve will conclude its two-day meeting in November on Wednesday afternoon. However, it is expected that central banks will announce a reduction in the number of bonds purchased each month, which may affect not only the US market, but also the global market.
