Mark Mobius bashes Bitcoin and crypto as ‘psycho currencies,”: Showers gold with praises

The renowned investor Mark Mobius has endorsed gold giving the precious metal a buy rating. He believes that the gold is grinding towards immense growth as the world’s central banks easy the pressure on monetary policy. However, he gives cryptocurrencies a bashing saying that they are based on faith and that they necessitate the need for real assets such as gold.

“With the efforts by the central banks to lower interest rates, they’re going to be printing like crazy.”

Mobius is known for founding Mobius Capital Partners LLP in 2018. Prior to that, he worked at Franklin Templeton Investments for 30 years. While speaking to Bloomberg TV, Mobius was bullish on gold saying:

“Gold’s long-term prospect is up, up and up, and the reason why I say that is money supply is up, up and up.” He added, “I think you have to be buying at any level, frankly.”

While Mobius failed to give a price target for the physical bullion, he went ahead to downplay Bitcoin and other cryptocurrencies. “I call them ‘psycho currencies,’ he said in the TV interview. Mobius believes that the emergence of digital currencies only serves as a catalyst for gold and the traditional market.

“You have all these currencies, new currencies coming into play,” he said. “I call them ‘psycho currencies,’ because it’s a matter of faith whether you believe in Bitcoin or any of the other cyber-currencies. I think with the rise of that, there’s going to be a demand for real, hard assets, and that includes gold.”