Mark Mobius said cryptocurrencies are more like a religion than an investment.- In a
CNBC interview, he said they should be used as a means to have fun, not invest.
The legendary investor Mark Mobius said cryptocurrencies may be fun, but investing in stocks is the way to hedge against the high rate of inflation.
Cryptocurrencies shouldn't be seen as a means to invest, the founder of Mobius Capital Partners said in a CNBC interview Wednesday. Instead, he said they're "a means to speculate and have fun."
"The
That so-called music has pushed bitcoin, the world's largest cryptocurrency, and ethereum, the second largest, to all-time high prices in the last month. Even meme tokens
Even so, Mobius said, stocks are "definitely the answer" to hedge against inflation, which will likely linger at decade-high levels through 2022. "You've got to go back to stocks at the end of the day," he told CNBC.
Mobius, a pioneer of emerging
Mobius isn't the only big name in finance to be bearish on cryptocurrencies. JPMorgan Chase Chief Executive Officer