Mark Mobius, a long-time investor in emerging markets, doesn’t necessarily believe in the potential of Bitcoin trading. That’s right. The expert claims that it should be backed by gold, in fact, if it were to have any sort of value.
During an interview on CNBC’s Squawk Box, the asset manager at Mobius Capital Partners not only spoke about Bitcoin but about blockchain technology in general.
Interviewing the man was one Joe Kernen, anchor and cryptocurrency trading expert for the publication. There, Kernen directly asked Mobius if Bitcoin genuinely needs to be backed by gold.
Related: Should you invest in gold?
Mobius responded by saying that cryptocurrencies would only be interesting if that was the case. Otherwise, he claims it has no real value.
Going onward, Kernen fought back by saying that there really isn’t any fiat asset that’s backed by gold, so why should cryptocurrencies? Mobius said that faith is the reason. Essentially, because people have faith that they can buy something with the U.S. dollar, they do so.
He continues, saying that the situation with cryptocurrency is similar in that there is a whole online community that believes you can buy things with Bitcoin, so you should be able to.
Interestingly, Mobius also isn’t a fan of blockchain technology, saying that it can be broken into just like any other technology, really. It’s strange that he says this and doesn’t really back it up, considering blockchain is immutable.
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