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Bitcoin critic Mark Mobius still bearish on the leading coin, compares bitcoin to a “casino operation”

Bitcoin critic Mark Mobius still bearish on the leading coin, compares bitcoin to a “casino operation”

Quick take

1 minute read

  • There are many critics of the leading cryptocurrency out there. Peter Schiff, a well-known naysayer of the digital asset has been very vocal in the past on his opinion on the King coin. 
  • Others include Mark Mobius, a founding partner of Mobius capital partners who has recently said that he is still bearish on bitcoin.

There are many critics of the leading cryptocurrency out there. Peter Schiff, a well-known naysayer of the digital asset has been very vocal in the past on his opinion on the King coin. Others include Mark Mobius, a founding partner of Mobius capital partners who has recently said that he is still bearish on bitcoin. Last week, Mark spoke in an interview with FN where he said that bitcoin investment is like investing in a casino operation. He highlighted that the spike in the price for bitcoin is a “casino operation based on all sorts of rumours and speculation.“ 

On top of this, Mark highlighted that there is no trustworthy information and data that can be used to predict the next move for any cryptocurrency, specifically bitcoin. 

“Trying to predict the price of Bitcoin is a loser’s game.” 

Many people are well aware by now that bitcoin and other alternative coins are known for their volatility. Not being able to predict the next move that to bitcoin makes could arguably be part of its charm.

Earlier this year in March, bitcoin took a 50% drop in just one day to then slowly recover quickly over the next few months. It is now with over $18,500. A big impact for the coin was the 2020 United States presidential elections between Joe Biden and Donald Trump. During the hectic week of the elections, as everyone waited for the result, bitcoin was quietly improving its price.

But as many people start to come around to the coin and the advantages that it can bring, Mobius still criticises bitcoin at every turn. In the past, Mark has said that bitcoin is more like a religion than a currency to invest in.

More recently, Mark said that the coin has yet to prove itself as a safe haven as it is backed by nothing more than faith and hope. A gold-backed cryptocurrency could be what the world needs instead, as he went on to argue:

“If there is a cryptocurrency that is really backed by gold and there is a meaningful agreement and some kind of modern thing connection, then this could be quite interesting.”

For more news on this and other crypto updates, keep it with CryptoDaily!

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