Mark Mobius, major investor and founding partner of Mobius Capital Partners, is still bearish on cryptocurrencies and blockchain technology... with some caveats.
Speaking on CNBC’s The Squawk Box this morning concerning emerging markets and safe-haven asset classes, Mobius said cryptocurrencies, like fiat, are backed by faith and only hold utility as far as others are willing to use them.
Mobius said a gold-backed cryptocurrency run on the blockchain would be of interest, however. “If there is a cryptocurrency that is really backed by gold and there is a meaningful agreement and some kind of modern thing connection, then this could be quite interesting,” he said.
On blockchain, the investor remains skeptical. Mobius said the underlying technology itself remains open to attacks.
The statements follow the stablecoin issuer Paxos' announcement of a gold-backed cryptocurrency earlier today. Tokenized on the ethereum blockchain, Pax Gold (PAXG), entitles holders to a gold bar stored London by Brinks.
Mark Mobius image via CNBC
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