Mark Mobius, Co-founder of Mobius Capital and also the person who once called Bitcoin to be fraud has had a change of heart. Mobius now has a different opinion towards Bitcoin and altcoins.
He recently spoke in a Bloomberg podcast that bitcoin will be “alive and well” in the future. Even though now he is supporting and delivering a very positive attitude towards everything he had once called it a fraud. Last year that is May 2018 mark Mobius was the same person who was a critique of BTC and called it a fraud.
This might be because of the bitcoin rates that are going higher and higher with each passing moment that the investors have come to believe that cryptocurrency can give them returns that no fiat currency could ever give them. Not at least at the current date.
“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially. I believe bitcoin and other currencies of that type are going to be alive and well.”
Although Mobius now supports a positive attitude towards bitcoin and other cryptocurrency and sees the future with these currencies he personally is yet to invest in any of these cryptocurrencies. Mobius told Bloomberg, “Whether I would invest in it is not a question. You have incredible volatility and, at the end of the day, you can’t chase one individual group or one organization that will keep track of what is going on.”
Though Mobius now has a positive outlook he also asks the investors and those interested to be careful. While talking about this he referred to the massive and high-profile collapse of cryptocurrency exchange Mt. Gox in 2014 as an example of the risks involved in crypto, in which the users lost hundreds of millions in BTC stolen from the exchange.
Mati Greenspan, a senior market analyst for e Toro and a regular cryptocurrency commentator in a note to clients writes, “Many of those who are heavily entrenched in the old financial system is unsurprisingly unswayed by the benefits of crypto, but that’s changing rapidly. The volatility is one of the most attractive qualities of crypto from an asset managers perspective.
The idea of asymmetric risk allows us to use this unique and uncorrelated asset class to greatly increase our return on risk in any otherwise well-diversified portfolio. Just as I, in my portfolio, am holding about 3.5% in emerging markets, I believe that one day soon asset managers around the world will diversify with crypto.”
The cryptocurrency that initially came into the market as an asset for investment is now being used and analyzed and coming slowly into the mainstream of finances.