Fund Manager Mark Mobius Says Bitcoin’s Like a Casino

In letter

  • Mark Mobius compared Bitcoin to running a casino.
  • He has a long track record of criticizing Bitcoin, previously describing it as a religion rather than real currency.
  • Previously, he alluded to gold coins as a better alternative.

Mark Mobius, founder of Mobius Capital Partners LLP, compared Bitcoin to running a casino all in one interview With Financial news, today.

Mobius said the Bitcoin rally is a “casino operation based on all sorts of rumors and speculations”.

He added that there is no reliable information that anyone can use to predict Bitcoin’s next move. “Trying to predict the price of Bitcoin is a loser game,” he said. This observation comes at a time when the Bitcoin market hit an all-time high just before the cryptocurrency collapsed.

This type of comment is nothing new to Mobius. While big names like Michael Saylor, CEO of MicroStrategy, Stanley Druckermiller, billionaire, and Jack Dorsey, CEO of Twitter, have all praised Bitcoin, he has beaten it up many times.

In 2019 he asserts that blockchains could be broken into. In fact, the only light he sees in the industry is the gold-covered stablecoins.

“If there is a cryptocurrency that is really backed by gold – and that is, there is some meaningful agreement and some sort of modern thing about that connection – then this could be pretty interesting,” Mobius said said last year.

Mobius’ skepticism about Bitcoin goes back even further than last year. In 2017 he did told Bloomberg “Bitcoin gives tulips a bad rap … the bottom line is it’s a religion.” Bitcoin isn’t even a currency for Mobius.

“If you’ve really done a thorough scrutiny, you need to realize that it’s not a currency, it’s a medium of exchange,” he added.

Many Bitcoin watchers could be optimistic about Bitcoin’s outlook after the recent drop in prices, but the cryptocurrency still divides opinions.