Mobius Capital Fund Manager Reveals His Downside Target for Bitcoin, but States Digital Assets are Not going anywhere soon

Source: a relevant video screenshot, Youtube, Bloomberg Markets and Finance

The veteran investor Mark Mobius has stated bitcoin (BTC) could fall towards the $10,000 level, but he’s still astonished by how good bitcoin prices “have held up” within the presently bearish atmosphere.

Speaking within an interview with Bloomberg on Monday now, Mobius, who’s known among the world’s leading experts on emerging market investments, managed to get obvious that although he’s astounded by bitcoin’s performance, he wouldn’t purchase it themself. Which goes for both their own and the clients’ money, he stated.

“It’s too harmful,” Mobius stated.

The legendary investor added he believes bitcoin and crypto more broadly “is here to stay” given the number of investors have belief inside it. “It’s amazing how Bitcoin prices have held up” regardless of the collapse of crypto exchange FTX, he stated.

Since FTX declared personal bankruptcy on November 11, the cost of bitcoin has become pretty much unchanged, buying and selling just over $17,000 by press time.

A drop to $10,000 would take bitcoin lower to an amount not seen since October 2020, prior to the massive bull-run that began later that year and ongoing into 2021. The amount marks a significant support focus the chart produced by market highs at the end of 2019 and early 2020.

Weekly chart of BTC/USD with red support line. Source: TradingView

Lengthy-time crypto skeptic

A lengthy-time crypto-skeptic, Mobius has previously known as crypto a “religion” instead of a good investment. He’s also cautioned that risks within the crypto market could spread towards the broader financial market and finish up dragging the united states stock exchange lower.

Still, Mobius has additionally shared positive thoughts about bitcoin previously. In 2019, he noted that bitcoin – like several currencies – is dependant on belief, and stated he may purchase it if adoption accumulates.  

Mark Mobius labored for Franklin Templeton Investments in excess of 3 decades, as well as in 2018 co-founded Mobius Capital Partners LLP along with fellow Templeton portfolio manager Carlos von Hardenberg. Mobius Capital Partners focuses on emerging market investments.

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