An investment legend Mark Mobius told Bloomberg TV on July 7 that he would change his mind and consider investing in bitcoin if the existing bull run continues much longer.
Mobius — who previously was critical about cryptocurrencies — spoke in the interview that it has reached a place where it would not be possible to ignore the crypto space.
He, at one time, made the following statement:
“I’m not a buyer, but I realize it’s something we have to account for.”
Although Mobius, the U.S. finance veteran still remains on the fence with regard to cryptocurrencies, such a stance, nevertheless, is more positive compared to those of other figures like Chase CEO JPMorgan, Jamie Dimon, and Warren Buffett.
However, Mobius didn’t fail to castigate bitcoin and other crypto coins for their contribution towards propagating drugs trade — which is an illicit activity.
According to research data, cash is the medium of choice for bad actors.
For cryptocurrencies to function, according to him, there needs to belief — for instance, bitcoin runs on a certain mathematical formula — which may not be so for centralized fiat currencies.
However, the investor might consider incorporating such digital assets to his into his portfolio.
He later stated:
“At the end of the day, there are many people who do believe in it, and if it continues and grows, then I would probably have to be a buyer and be involved with this.”
In May, he also said that moving money with bitcoin is easy compared to other mediums.
In addition, lack of intrinsic value in the cryptocurrency also made Mobius to U-turn from what he thought in 2017 when even bitcoin got a high of around $20,000.