Mobius Capital Partners LLP founder mark Mobius claims that activity in the cryptocurrency market causes him to associate with gambling.
Speaking to Financial News, Mobius said that the bitcoin rally is " casino activity based on all sorts of rumors and speculation." He also noted that there is no reliable information based on which it would be possible to predict the movement of the bitcoin exchange rate.
"Trying to predict the bitcoin exchange rate is a losing game," the 84-year-old stock Manager added.
This is not the first time Mobius has criticized bitcoin, while some of his colleagues in the financial market are beginning to see the cryptocurrency as an investment-friendly asset class.
"If there is a cryptocurrency that is really backed by gold, it will be quite interesting," he said in the past. – The reason why people trust the us dollar is that they believe that with these dollars in their hands they will go and buy something. To a certain extent, cryptocurrencies also allow you to buy something. Someone believes that, and it's normal."
At the same time, he stated that investors will not go from gold to bitcoin, but on the contrary – they will be more interested in the precious metal thanks to cryptocurrencies.
"All these new currencies are coming into play. I call them psychoville because they are based on faith. I think that their rise will lead to an increase in demand for real physical assets, including gold, because gold can play the role of not only an asset, but also a currency," Mobius explained.