Posts Tagged ‘cyber-currencies’
Mark Mobius: Psycho Currencies
on Wednesday, August 21, 2019Mark Mobius Money Quote saying cryptocurrencies are dependent on faith and it could label believers as crazy – however the same belief is required of fiat currency. Mark Mobius said:
Mark Mobius Money Quote
“You have all these currencies, new currencies coming into play. I call them ‘psycho currencies,’ because it’s a matter of faith whether you believe in Bitcoin or any of the other cyber-currencies” — Mark Mobius
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In this quote, Mark Mobius is characterizing some cryptocurrencies like Bitcoin as “psycho currencies” or currencies based more on faith than tangible financial fundamentals. By using the term “psycho,” Mobius seems to be implying that the value of these digital assets is highly dependent on market sentiment and collective belief/hype in their potential, rather than traditional economic analysis.
He appears to be suggesting that whether one chooses to invest in cryptocurrencies is as much a subjective question of personal conviction as an objective assessment of their merits, since their value is still largely unproven and experimental in nature.
Overall, the quote conveys Mobius’ perspective that cryptocurrencies derive their worth more from whether people have enough confidence and conviction in their long-term viability, making their value at least partially a matter of individual “faith” in their future rather than established economic realities.