Bitcoin Has No Value to Offer Unless It Is Backed by Gold, Says Veteran Investor

Legendary investor Mark Mobius launched yet another scathing attack on Bitcoin – and cryptocurrencies in general – during his appearance on CNBC’s Squawk Box earlier Thursday, comparing them to gold as many have before.

During his interaction at the premarket morning show, Mobius suggested that for Bitcoin to have any legit intrinsic value, it must be backed by gold. Predictably, his assessment hasn’t gone down well with proponents of the asset class.

The Faith of Younger Generations Isn’t Enough for Bitcoin

Squawk Box anchor Joe Kernen asked Mobius whether or not he believed Bitcoin has any “intrinsic value.” The famed investor responded by subtly implying he sees no such value as of now.

He then went on, adding that things could be quite interesting if there were a gold-backed cryptocurrency with “some kind of monitoring of this connection.”

Kernen, at that point, interjected Mobius by drawing his attention to how some people believe that the rich potential of blockchain technology itself adds inherent value to the asset class. Furthermore, the anchor asked where most fiat currencies draw their intrinsic value from considering that almost none of them are backed by gold anymore.

Related: Looking to buy and sell Bitcoin? Check out our guide on the best cryptocurrency exchanges for trading Bitcoins.

In response, Mobius said (with a chuckle) that people have faith in the US Dollar because “they know with the dollar in the hand, they can buy something.” It’s fine if that’s how people feel about cryptocurrencies too, he added. Read More at BeInCrytpo...

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