Victor Ugochukwu · Dec 14, 2020 . 5min read
Mobius Capital Partners CEO, Mark Mobius believes trying to foretell Bitcoin Price is loser’s game
Mark Mobius believes that there is no point in trying to foretell bitcoin price, because, in the end, it doesn’t match any pattern.
By Komal Joshi · Nov 30, 2020 . 6min read
Mark Mobius, the CEO of Mobius capital partners, states that trying to foretell bitcoin price is a loser’s game. In an interview with Financial News, Mark Mobius links Bitcoin to a casino operation. Bitcoin’s rally is a casino operation based on all sorts of rumours and speculation. He states that predicting bitcoin is similar to gambling.
Mark Mobius claims there is no reliable data to predict Bitcoin price.
In an interview on Financial Times, Mark Mobius gave his opinion on Bitcoin. In accordance with the Financial Times, Mark Mobius feels that speculating bitcoin’s price is equivalent to playing gambling or lottery. He further explains that there is no reliable data that one can refer or use to predict BTC movement. Mobius elucidates that reviews and predictions are two distinct things as there is no full-proof method of foretelling Bitcoin pricing or its movements.
It’s undoubtedly stimulating to try to make connections. BTC has been frequently correlated with gold and the SP500, which serves to be slightly counterintuitive. A recent report states that Bitcoin is “unique” among all investment assets, which indicates that its price does whatever it requires. Moreover, as the pandemic commenced, it dropped 50% of its value. However, then at the peak of the pandemic, it began a continued bull run. Quickly after the U.S. presidential election, the token hastened its rise.
Various opinions of supporters and critics
Various popular names in the investment sector such as billionaire investor Stanly Druckenmiller, Twitter CEO Jack Dorsey, and MicroStrategy CEO Michael Saylor have all praised Bitcoin in recent months. Contrarily, Mobius acts as a critic of the cryptocurrency. Back in 2019, Mobius heightened concerns about blockchain stating that the technology could be divided into, claiming that anything that is developed by human beings can be destroyed.
Moreover, whenever the Bitcoin price decreases, it’s normal for the opinions of crypto critics to resonate with power. Nouriel Roubini and Peter Schiff are some of the famous Bitcoin critics who have published some advice similar to him. Significant BTC critic, Nouriel Roubini, states that funding in BTC is more dangerous than gambling in a casino. He states that the market could even drop clear than a controlled gamble. Peter Schiff noted that MicroStrategy’s movement to obtain BTC was dangerous. The famous gold bug also named it a gamble.
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