Mark Mobius Argues Bitcoin Should Be Backed by Gold to Have Any Value

Mark Mobius Argues Bitcoin Should Be Backed by Gold to Have Any Value

Famous emerging markets investor Mark Mobius believes that Bitcoin (BTC) needs to be backed by gold to have any value.
and blockchain are “very risky situations”
Mobius, founder at frontier markets asset manager Mobius Capital Partners, expressed concerns over risks associated with cryptocurrencies and blockchain tech in an interview on Squawk Box on Sept. 5.
When CNBC’s activist Joe Kernen asked whether Mobius believes that has inherent value, the famed investor avoided answering the question directly, claiming that the world really needs a that would be backed by gold.
Mobius said:
“If there is a that is really backed by gold — and that is, there is a meaningful agreement and some kind of modern thing of this connection — then this could be quite interesting.”
Anything created by humans can be broken into
Kernen noted that there is no fiat currency that is backed by gold, raising the question why any needs to have the same backing, Mobius conceded that the key point in the issue is the question of faith. Mobius elaborated that there is a whole generation of people who have faith in the Internet as well as cryptocurrencies, and “that’s all it takes:”
“The reason why people believe in the U.S. dollar is because they have faith that with dollars in their hands, they can buy something. So there’s a degree to which if can enable you to buy something and you believe that to be the case, that’s fine.”
While reiterating his recent statements that it is a matter of faith whether people believe in or any other crypto, the veteran investor still emphasized concerns over the industry, arguing that people will soon begin to realize that cryptocurrencies are very risky.
Moreover, blockchain also poses a significant risk, Mobius noted, stating that blockchain can be broken into just as every technology created by humans, despite a blockchain’s function of immutability.
On Aug. 20, Mobius suggested that cryptocurrencies have the potential to boost the price of gold, predicting that the rise of faith in and other cyber-currencies will trigger a demand for a real, hard asset such as gold.

See also  Square Crypto Completes Inaugural Developer Team With Three New Hires

Leave a Reply

Your email address will not be published. Required fields are marked *

Want to automate your crypto Trading?
Try this new trading Robot!

Your information will be validated and you will be automatically redirected to the trading robot advanced dashboard.