Crypto is a religion not an investment, global investor Mark Mobius says – CNBC
Global investor Mark Mobius on Wednesday called cryptocurrencies a religion, joining a chorus of digital coin skeptics at a time when bitcoin and ether are trading near all-time highs.
“It’s not an investment, it’s a religion,” the founder of Mobius Capital Partners said on CNBC’s “Squawk Box.”
“People should not look at these cryptocurrencies as a means to invest. It’s a means to speculate and have fun. But then you got to go back to stocks at the end of the day,” he added.
Mobius isn’t alone in slamming crypto. JPMorgan Chase CEO Jamie Dimon has also vocally criticized the likes of bitcoin, mostly recent calling it “worthless” and “fool’s gold.”
Billionaire investor Paul Tudor Jones, on the other hand, believes crypto has its place, and told CNBC last month that he believes cryptocurrencies are a better bet against inflation than even gold.
Mobius, a world markets guru who had a long career at Franklin Templeton before striking out on his own, believes stocks are the best bet because of currency and inflation factors.
“Stocks definitely are the answer because the devaluation of currency is not going to go away, which means inflation is going to continue at a high rate going forward,” he said. “Don’t forget the U.S. money supply has gone up over 30%.”