“It’s not an investment, it’s a religion,” said Mobius Capital Partners founder. “People should not look at these cryptocurrencies as a means to invest. It is a means to speculate and have fun. But you have to go back to stocks at the end of the day,” he added.
Mobius is not the only one who has criticized cryptocurrencies. JPMorgan Chase CEO Jamie Dimon has also vehemently criticized bitcoin, calling it “worthless” and “stupid gold.”
Billionaire investor Paul Tudor Jones, on the other hand, believes that crypto has its place and told CNBC last month that he believes cryptocurrencies are a better bet against inflation than even gold.
Mobius, a world market guru who had a long career at Franklin Templeton before launching on his own, believes stocks are the best bet because of monetary and inflation factors.
“The actions are certainly the answer, as the devaluation of the currency will not disappear, which means that inflation will continue to be high in the future,” he said. “Remember that the US money supply has risen by more than 30%.”
With so much liquidity around, thanks to the monetary policies of Covid-era central banks, Mobius told CNBC in September that much of that money would end up going back into stocks.
In Wednesday’s “Squawk Box” interview, Mobius said he had invested heavily in Taiwan. “Our largest holdings now are 20% of the fund in Taiwan, 20% in India and only 5 or 6% in China.”
The investor said he is currently looking for the best opportunities for both software and hardware in India and Taiwan.
Mobius also said that he pays attention to the American market, suggesting that it has a huge potential, even in the conditions in which the shares were trading close to record highs. “We believe the US market will continue to thrive and continue to perform well,” he said. Many US companies are also making money in emerging markets, he added.
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