The rise of Bitcoin as both an asset class and a medium of exchange is forcing many of it’s critics to change their minds. We’ve already seen how JPMorgan Chase changed its mind and launched its own cryptocurrency called JPM Coin, and how George Soros started trading cryptocurrencies and despite thinking that they’re a bubble. Now Mark Mobius, the founder of Mobius Capital Partners and a legendary investor, has also changed his tone regarding Bitcoin. Speaking recently during a Bloomberg podcast he said that Bitcoin will be alive and well in future. Here’s what he had to say:
“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially. I believe bitcoin and other currencies of that type are going to be alive and well.”
It was not too long ago when Mobius had dubbed Bitcoin “a real fraud”. So this change of mind is noteworthy. Mobius has, however, held off investing in Bitcoin despite this change of mind. When asked whether he has invested in Bitcoin or not, he said:
“Whether I would invest in it is not a question. You have incredible volatility and, at the end of the day, you can’t chase one individual group or one organization that will keep track of what is going on.”
Adding further, he said that you must be very careful. He also pointed out the case of Mt. Gox to give an example of how much things can go wrong in crypto space.
Nevertheless, whether he has invested in Bitcoin or not it’s good to see that he has had a change of mind regarding Bitcoin. His change of mind can also force other people in the mainstream finance industry to rethink about crypto space. And that’s precisely how the mainstream adoption of crypto can increase rapidly.
Let’s see whose mind is changed next!