Connect with us

Bitcoin

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. Bitcoin.com 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.

Read More

Bitcoin

Max Keiser Warns of Government Seizing Bitcoin in ETFs — Predicts 1987-Style Crash as BTC Rises to $500K

Bitcoin proponent Max Keiser has warned of potential government seizure of bitcoin held in spot exchange-traded funds (ETFs). He additionally issued a stark warning about a looming 1987-style crash, while simultaneously predicting that the bitcoin’s price will surge past $500,000. Max Keiser’s Crash and Bitcoin Seizure Warnings Bitcoin advocate Max Keiser expressed concerns about spot [……
Read More

Continue Reading

Bitcoin

Satoshi Correspondence Revealed by Witnesses in Legal Clash Against Craig Wright

In the unfolding lawsuit between the Crypto Open Patent Alliance (COPA) and Craig Wright, three key witnesses who had early interactions with Bitcoin’s creator, Satoshi Nakamoto, provided their testimonies. Among them were early Bitcoin developers Martti Malmi and Mike Hearn, as well as Adam Back, the creator of Hashcash…
Read More

Continue Reading

Bitcoin

Lumerin Announces New Integration With Portal DEX for Decentralized Bitcoin Mining and Cross-Chain Hashpower Trading

PRESS RELEASE. CHICAGO – Feb 22, 2024 – Lumerin, a decentralized Hashpower Marketplace built on Arbitrum that has built technology to make Bitcoin hashrate a liquid asset allowing for global access to peer-to-peer, decentralized hashrate trading, today announced a new integration with Portal, the first trust minimized…
Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.