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Mobius Capital founder explains why Bitcoin is rallying amid Russia-Ukraine War

Mobius Capital Founder Explains Why Bitcoin Is Rallying Amid Russia-Ukraine War

Veteran investor Mark Mobius, the founder of Mobius Capital, explains why the price of bitcoin is rallying as the Russia-Ukraine crisis deepens. He said that bitcoin is now showing strength because Russians have a method of getting their money out.

Mark Mobius: Why Bitcoin’s Prices Are Rising

Mark Mobius (founder of Mobius Capital Partners) explained why bitcoin prices have been rising in an interview with CNBC Tuesday, as the Ukraine crisis escalates.

Mobius was the executive chairman of Templeton Emerging Markets Group before he started his own company. He joined Templeton in 1987 where he managed more than $50 billion in emerging markets portfolios. He founded Mobius Capital Partners in March 2018.

Mobius was asked whether he would buy bitcoin in this environment since the price of BTC is rallying. He said, “I wouldn’t be a seller,” but added, “If I were a Russian, I would buy .”

He shared that many foreigners visit Dubai to purchase properties. He said: “I was speaking to a property agent yesterday. He stated that they would buy any item. They have Swiss bank accounts .”

that they can withdraw money from Switzerland.

Mobius said: “If they are able to pay with bitcoin. That’s a way to get money out Russia,” he said.

I would say that’s the reason why bitcoin is showing strength now because the Russians have a way of getting money out, of getting their wealth out.

“They are in real trouble because of all the closings of other avenues for them money to transfer out,” the veteran investor said.

Mobius is a long-time bitcoin skeptic. He advised people to not view cryptocurrencies as an investment option in November 2017. It’s a way to speculate and have some fun. But then you got to go back to stocks at the end of the day,” he advised.

Many analysts believe that cryptocurrencies cannot help Russia avoid sanctions. Ari Redbord, a representative of TRM Labs, stated on CNBC Monday that Russia will use cryptocurrencies but there isn’t enough liquidity in these markets to enable Moscow to combat the severe sanctions imposed by Washington and its allies.

What do you think about Mark Mobius’ comments? Comment below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the use or reliance of any content, goods, or services mentioned in this article.

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