Legendary Investor Flips Bullish on Bitcoin, Saying It’s “Alive and Well”
It’s no secret that mainstream financial experts are seldomly big fans of cryptocurrency, and they are often one of the primary groups that vocalizes that largest amount of qualms with the nascent technologies. One example of this is Kevin O’Leary, co-founder of O’Leary funds and SoftKey, who is perhaps best known for his role as a shark on the popular television Shark Tank, who recently called Bitcoin (BTC) “garbage.”
Despite this, one legendary investor who was previously ardently against Bitcoin is now flipping bullish on the cryptocurrency, saying that it is “alike and well,” a statement that is a far cry from his previous designation of Bitcoin as simply a massive bubble.
Mark Mobius Says Bitcoin is “Alive and Well” in a Recent Interview
Mobius, who is an emerging markets fund manager and the founder of Mobius Capital Partners LLP, was recently asked to share his thoughts on Bitcoin in a recent interview with Bloomberg, where he referenced the desire people have to seamlessly transfer money around the world as one reason the crypto is going to survive in the long-term.
“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially. That is really the backing to Bitcoin and other currencies of that type. So I believe it’s going to be alive and well,” Mobius explained.
Despite sharing a seemingly bullish sentiment, he further noted that one must be “very careful” when investing in cryptocurrencies, citing their massive volatility as one reason why he still has not added any to his portfolio.
“Whether I would invest in it is another question, because it has incredible volatility and at the end of the day, you can’t trace one individual or group or organization that would keep track of what is going on,” Mobius noted, referencing several massive exchange hacks that had the potential of significantly harming investors.
Could Financial Big Shots Begin Foraying into BTC and the Crypto Markets?
Mati Greenspan, the senior market analyst at eToro, spoke about Mobius’ comments in a recent email, explaining that the crypto market’s volatility should actually be seen as an attractive aspect of crypto for fund managers.
“Mobius has not yet himself invested in bitcoin due to the extreme volatility. Mark!!… 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… I believe that one day soon asset managers around the world will diversify with crypto,” Greenspan explained.
As the persistant Bitcoin bear market comes to an end and the crypto’s bulls begin to awake from their year-long slumber, it is highly likely that the world will once again shine a spotlight on BTC that may lead more prominent investors to foray into the markets.
Featured image from Shutterstock.
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