Emerging Markets Guru Mark Mobius: I Don't Buy Bitcoin, but If I Were Russian... I Would!

Mark Mobius, founder of asset management company Mobius Capital and known as the "Emerging Markets Guru," believes that the recent surge in Bitcoin price is due to Russians rushing to buy Bitcoin after Russia faced severe sanctions from Europe and the United States.

Mark Mobius has never been a fan of Bitcoin, but in an interview with CNBC, he said: "I wouldn't buy cryptocurrencies, but if I were Russian, I would be one of the buyers." He also encouraged investors to diversify their portfolios and to buy some gold.

Prior to founding his own firm, Mark Mobius was the executive chairman of Templeton Emerging Markets Group. He joined Templeton in 1987, managing over $50 billion in emerging market investment portfolios. In March 2018, he founded Mobius Capital Partners.

In the interview, he mentioned that many wealthy people withdraw money from Swiss bank accounts and buy houses in Dubai. If they could pay with Bitcoin, they could move directly into crypto, which would be a major way for Russia to access funds. This is also why Bitcoin is performing strongly now, "Otherwise, they will really be in trouble because all the channels will be closed, and they won't be able to move funds out."

Mobius has long been a Bitcoin skeptic. In November last year, he advised people not to treat cryptocurrencies as an investment. He once said that Bitcoin is a form of speculation and entertainment, "but you have to end up back in stocks at the end of the day."

This article is authorized and reproduced from Horizon News Network