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Bitcoin Hater Mark Mobius Bats for Gold upon Its 21% YTD Rise

After suggesting that decentralized asset bitcoin should be backed by Gold, prominent billionaire investor Mark Mobius is asking global investors to raise their stakes in the precious metal. The Mobius Capital Partners’ founding partner said in an interview with CNBC’s “Street Signs” that investors should allocate 10 percent of their portfolio to physical gold. He based his bullish sentiment on the central banks’ buying spree of the yellow metal in the first half of this year as they plan monetary easing on the sideways. Excerpts: “Physical gold is the way to go, in my view, because of the incredible increase in the money supply. All the central banks are trying to get interest-rates down; they are pumping money into the system. Then, you have all of the cryptocurrencies coming in, so nobody [really] knows how much currency is out there. Gold Up 21% YTD The statements follow Gold establishing its year-to-date high of $1,557.074 on Oanda, up more than 21 percent from the December 31, 2018’s closing rate. Mobius credited the rise in Gold prices to the Donald Trump administration. The veteran investor said that the US president “does not want a stronger dollar,” which would mean that gold would retain its value much better than currencies – including bitcoin – because of its strong correlation with the greenback. “Deep down inside, the central bankers do believe in gold, but they don’t want to say it because … they won’t be able to create new currency.” Gold price surges 21% YTD on strong central banks’ demand | Image credits: TradingView.com Bitcoin Should Have Gold’s Backing Mobius, meanwhile, rubbished the popular ‘bitcoin-is-digital-gold’ narrative, stating that the cryptocurrency lacks intrinsic value. The investor noted that bitcoin needs gold-backing to stay relevant as an asset, a claim which the CNBC Squawk Box host Joe Kernen later quashed by bringing fiat currencies in the discussion. “We seem to be quite okay with fiat currencies that are not backed by gold,” asked Kernen, to which Mobius responded that people’s faith in government gives value to fiat currencies. He also said that cryptocurrencies like bitcoin have worth because of similar faith. @JoeSquawk you should do a series where you ask famous investors "why does money have value?" It sounds like some people may be a little confused — Pomp (@APompliano) September 5, 2019 After a very depressive 2018, the benchmark cryptocurrency bitcoin rebounded by more than 200 percent after an impressive rally in the second quarter of 2019. The asset’s upside occurred in tandem with that of gold, reportedly driven by investors’ growing interest in perceived safe-haven assets. Bitcoin allegedly served as a tool for investors to move assets freely across borders atop an internet-based blockchain protocol – a feature its rival Gold severely lacks. New York-based Grayscale Investments, which offers institutional investors to put money in the bitcoin market via its Bitcoin Investment Trust (GBTC), wrote in a report that Bitcoin is gradually becoming a go-to asset for investors looking to non-correlated hedging havens. The report also stated that currency devaluations led by central banks would allow investors to fly into an otherwise deflationary bitcoin market. Bitcoin Hater Mark Mobius Bats for Gold upon Its 21% YTD Rise was last modified: September 9th, 2019 by Davit BabayanThe post Bitcoin Hater Mark Mobius Bats for Gold upon Its 21% YTD Rise appeared first on NewsBTC.
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Bitcoin Hater Mark Mobius Bats for Gold upon Its 21% YTD Rise

After suggesting that decentralized asset bitcoin should be backed by Gold, prominent billionaire investor Mark Mobius is asking global investors to raise their stakes in the precious metal. The Mobius Capital Partners’ founding partner said in an interview with CNBC’s “Street Signs” that investors should allocate 10 percent of their portfolio to physical gold. He based his bullish sentiment on the central banks’ buying spree of the yellow metal in the first half of this year as they plan monetary easing on the sideways. Excerpts: “Physical gold is the way to go, in my view, because of the incredible increase in the money supply. All the central banks are trying to get interest-rates down; they are pumping money into the system. Then, you have all of the cryptocurrencies coming in, so nobody [really] knows how much currency is out there. Gold Up 21% YTD The statements follow Gold establishing its year-to-date high of $1,557.074 on Oanda, up more than 21 percent from the December 31, 2018’s closing rate. Mobius credited the rise in Gold prices to the Donald Trump administration. The veteran investor said that the US president “does not want a stronger dollar,” which would mean that gold would retain its value much better than currencies – including bitcoin – because of its strong correlation with the greenback. “Deep down inside, the central bankers do believe in gold, but they don’t want to say it because … they won’t be able to create new currency.” Gold price surges 21% YTD on strong central banks’ demand | Image credits: TradingView.com Bitcoin Should Have Gold’s Backing Mobius, meanwhile, rubbished the popular ‘bitcoin-is-digital-gold’ narrative, stating that the cryptocurrency lacks intrinsic value. The investor noted that bitcoin needs gold-backing to stay relevant as an asset, a claim which the CNBC Squawk Box host Joe Kernen later quashed by bringing fiat currencies in the discussion. “We seem to be quite okay with fiat currencies that are not backed by gold,” asked Kernen, to which Mobius responded that people’s faith in government gives value to fiat currencies. He also said that cryptocurrencies like bitcoin have worth because of similar faith. @JoeSquawk you should do a series where you ask famous investors "why does money have value?" It sounds like some people may be a little confused — Pomp (@APompliano) September 5, 2019 After a very depressive 2018, the benchmark cryptocurrency bitcoin rebounded by more than 200 percent after an impressive rally in the second quarter of 2019. The asset’s upside occurred in tandem with that of gold, reportedly driven by investors’ growing interest in perceived safe-haven assets. Bitcoin allegedly served as a tool for investors to move assets freely across borders atop an internet-based blockchain protocol – a feature its rival Gold severely lacks. New York-based Grayscale Investments, which offers institutional investors to put money in the bitcoin market via its Bitcoin Investment Trust (GBTC), wrote in a report that Bitcoin is gradually becoming a go-to asset for investors looking to non-correlated hedging havens. The report also stated that currency devaluations led by central banks would allow investors to fly into an otherwise deflationary bitcoin market. Bitcoin Hater Mark Mobius Bats for Gold upon Its 21% YTD Rise was last modified: September 9th, 2019 by Davit BabayanThe post Bitcoin Hater Mark Mobius Bats for Gold upon Its 21% YTD Rise appeared first on NewsBTC.
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Bitcoin, blockchain are still very ‘high-risk situations’ despite claims of durability, claims Mark Mobius

There isn’t a day when Bitcoin isn’t the topic of discussion for its inherent risk factors and long-term financial stability. In a recent segment of  CNBC Squawk Box, Joe Kernan, CNBC contributor, interviewed well-known investor, Mark Mobius, about the intrinsic value of Bitcoin. Mark Mobius, Founding Partner at Mobius Capital Partners, has been quite vocal […] The post Bitcoin, blockchain are still very ‘high-risk situations’ despite claims of durability, claims Mark Mobius appeared first on AMBCrypto.
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Mark Mobius Says, Crypto Must be Backed by Gold – Here’s One Such Regulated Token

In an interview with Joe Kernen of CNBC, Mark Mobius suggested that Crypto must be backed by Gold for it to have an intrinsic value. In a surprising co-incident, Paxos announced the launch of its regulated Gold-backed cryptocurrency on the same day. The fund manager and founder of Mobius Capital was skeptical about the entire blockchain system standing on its own. His understanding of the system came about quite like someone who has been newly introduced to the system. He said, If there is a cryptocurrency that is really backed by Gold — and that is, there is a meaningful agreement and some kind of modern thing of this connection — then this could be quite interesting. He also warned the people that somewhere in the future, Blockchain could be hacked as well. Bitcoin and Crypto would than face an existential crisis. Nevertheless, until that happens, trust in Bitcoin seems to be growing enormously this year. Moreover, Kerner also argued that since no FIAT is backed by Gold as well, then that it should extend to Bitcoin as well. Mark conceded to the fact that “faith” is another factor for intrinsic value. He also suggested that Crypto is even driving the price of hard assets such as Gold. Paxos Releases a Gold Backed Crypto Coincidentally, on the same day, Paxos issued a regulated gold-backed cryptocurrency. It will go live by the end of September 2019. Paxos, formerly known as iBit Company LLC, is a Financial Services company that aims to bridge the gap between traditional assets and cryptocurrencies. It also operates the iBit Exchange which provides an online portal for trading crypto. The token, PAX GOLD, will represent “one fine troy ounce of London Good Delivery gold stored in vault facilities in London.” The CEO and Co-Founder of Paxos, Charles Cascarilla, told the media, “If you come to us and you buy one ounce of Gold, you send $1,500 of Paxos tokens, and we give you one ounce. That ounce is actual legal title to an ounce of Gold of a bar in a vault in London,” His statements were inspired by the criticism that the financial gold market faces. Exchange-traded funds, futures, and Gold that is not allocated to the owner are “synthetic representations.” Moreover, due to the large physical density of Gold, carrying, and storing it is cumbersome. Paxos has procured trust charter from one of the most stringent regulators in the world the NYDFS (New York State Department of Financial Services) in 2015. The NYDFS also approved a USD backed stablecoin – BUSD that is jointly developed by Binance and Paxos. Furthermore, Paxos Gold is built on Ethereum to make it easier for implementation with other platforms. Do you think that cryptocurrency will drive an era of hard assets and obliterate synthetic financial products? Please share your views with us.  The post Mark Mobius Says, Crypto Must be Backed by Gold – Here’s One Such Regulated Token appeared first on Coingape.
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CNBC Host Challenges Mark Mobius On Bitcoin Needing Gold Backing

On a recent segment of CNBC’s Market Alert featuring prominent investor Mark Mobius, the conversation quickly turned to gold, fiat currencies, and of course, Bitcoin. Mobius’ comments about Bitcoin requiring gold-backing to have inherent value was immediately met by criticism from the crypto world’s favorite financial analyst, Joe Kernen, host of CNBC’s Squawk Box. Prominent Investor: For Bitcoin To Have Value, It Needs Gold Backing Bitcoin has many narratives, with many of them coming to light at a different rate, or coming into focus more so than another at certain points depending on the overall global climate and where the crypto market is at. During the 2017 bull run, crypto investors began to hold Bitcoin for the long-term hoping its value would increase, resulting in the “store of value” narrative taking the center stage. Related Reading | Analyst Claims Current Bitcoin Bull Run is “A Store of Value in the Making” More recently, the narrative has switched to “Bitcoin as a safe-haven asset,” rising in price amidst growing global economic turmoil and alongside precious metals. Yet another narrative is the “Bitcoin as digital gold” narrative, that plays into both gold’s use as a safe-haven asset and as one of the oldest stores of value on the planet. However, prominent investor Mark Mobius not only doesn’t think Bitcoin is digital gold, he says that for Bitcoin to have value at all, it really needs to be backed by the precious metal it’s said to be the digital counterpart of. But Mobius’ comments were met with opposition by Joe Kernen, host of CNBC’s Squawk Box and recent crypto skeptic turned supporter. Kernen questioned Mobius on why he didn’t believe that blockchain technology itself is what “imbues” value into Bitcoin, suggesting that Bitcoin didn’t need gold at all to flourish. Like the dollar. wait https://t.co/7xbA6ubI3A — Joe Kernen (@JoeSquawk) September 5, 2019 Kernen also challenged Mobius on why he didn’t express the same sentiment toward fiat currencies, which aren’t backed by gold yet still have value. Mobius says that’s due to the faith people have in those fiat currencies and the governments that back them. Mobius contradicted himself later by saying that people also have faith in cryptocurrencies. Mobius then goes on to issue a warning about cryptocurrencies and blockchain, saying that anything man-made can be hacked into, despite many believing Bitcoin’s network to be completely sound. Related Reading | Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset  Gold is a precious metal mined from the earth itself, and cannot be hacked, giving Mobius and others who invest in gold more peace of mind. However, as the digital age progresses, the need for a currency and store of value to have many of the same attributes of gold will become more necessary, and that asset is Bitcoin. CNBC Host Challenges Mark Mobius On Bitcoin Needing Gold Backing was last modified: September 5th, 2019 by Tony SpilotroThe post CNBC Host Challenges Mark Mobius On Bitcoin Needing Gold Backing appeared first on NewsBTC.
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Mark Mobius: Blockchain Isn’t as Safe as We Think

Mark Mobius – a legendary investor and the founder of Mobius Capital Partners – is warning that blockchain may not be as safe as some might believe.  Mobius: Blockchain Has Its Vulnerabilities The idea regarding blockchain is that it’s amongst the safest forms of technology out there. Blockchain creates irrefutable evidence that transactions have occurred. They cannot be tampered with once they have been set in stone via the blockchain. The technology is allegedly more secure and much more stable than anything a standard bank can offer its clients. Unfortunately, Mobius is looking to challenge this idea. He says that at the end of the day, while blockchain does indeed offer several benefits, it is still a man-made creation, and anything built by man can be “undone by man.” In other words, blockchain is still vulnerable and can be “broken into.” In an interview with CNBC, the investing partner claims:  A lot of people say, ‘blockchain can’t be broken into.’ No, it can be. Anything that’s created by man can be broken into. And it could create a big crisis… There’s a whole generation of people who have faith in the internet. They have faith in these cryptocurrencies. That’s all it takes. People believe in the U.S. dollar because they have faith that with dollars in their hands, they can buy something. One of the big problems with bitcoin and other forms of crypto – according to Mobius – is that since many of them are not centralized, they’re quite difficult to regulate. As most forms of fiat are issued by central banks, cryptocurrencies aren’t. There’s no central figure or agency pulling the strings or deciding what should occur within the space. Thus, bitcoin and cryptocurrencies tend to play by their own rules, making them harder to handle by financial authorities. For the most part, Mobius is convinced that crypto and blockchain remain very risky (and sketchy) ventures, and he’s confident that people will “see the light” in the coming days. He comments:  I think people are going to begin to realize that these are very, very risky situations. And by the way, I believe blockchain is a very high-risk situation.  Gold-Backed Crypto Might Do the Trick At the same time, he does believe that a cryptocurrency backed by a more stable asset like gold would be a very interesting notion. He mentions:  If there is a cryptocurrency that is really backed by gold and there is a meaningful agreement and some kind of modern thing of this connection, then this could be quite interesting. Gold, for the most part, is considered one of the most stable assets available to investors. It’s designed to remain strong throughout economic turmoil and has added to its price (roughly $200 or $300) over the past 12 months despite several harsh conditions related to the U.S.-China trade war. The post Mark Mobius: Blockchain Isn’t as Safe as We Think appeared first on Live Bitcoin News.
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Bitcoin Basher Mobius Warns of Terrifying Blockchain 'Crisis'

Mobius Capital Partners LLP founder and emerging markets fund manager Joseph Bernhard Mark Mobius has raised concerns over the security promised by blockchain technology — first made famous by Bitcoin (BTC) — while calling it "a very high-risk situation." Mark Mobius: Blockchain Could Create 'Big Crisis' At the time of this writing, the Bitcoin network […] The post Bitcoin Basher Mobius Warns of Terrifying Blockchain 'Crisis' appeared first on CCN Markets
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Banks are Feeling Threatened of Bitcoin and for Good Reason, Tim Draper

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Ripple Consolidates its xRapid, xCurrent and xVia Features Under One Network; RippleNet

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