Global investor Mark Mobius appeared on the CNBC’s Squawk Box to discuss the crypto industry, calling it a “religion”.
Mobius is one of the many crypto skeptics out there who are being rebutted every step of the way as Bitcoin (BTC) and Ether (ETH) are both soaring and posting new all-time highs on almost a monthly basis.
However, Mobius Capital Partners founder is not convinced that cryptocurrencies are an “investment”, and instead argues that they have a cult-like dedication that is not backed by anything tangible.
However, he’s not outright dismissive of the assets, calling them a fun way to speculate. “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.”
JPMorgan Chase CEO Jamie Dimon is one of the most famous people to slam crypto, despite allowing his company to assist crypto investors and still offering some pragmatism. “It’s their money”, Dimon said a few months ago.
Of course, not everyone is bashing crypto. Billionaire investor Paul Tudor Jones argues that there is merit in crypto and has called crypto an alternative to gold for those that want to stave off inflation.
However, Mobius is not entirely convinced. He is confident that the traditional stock market will continue to be the best hedge against inflation and other economic fluctuations.
As people are scrambling to make investment choices, some are following Mobius’ advice and having a bit of fun instead.