Mark Mobius, a well-known German-American fund manager, recently gave a quite pessimistic forecast for the crypto market in an interview with CNBC. Despite the tremendous increases and new milestones achieved by cryptocurrencies such as Bitcoin and Ethereum in recent weeks, Mobius stated that he does not consider cryptocurrency to be a viable investment.
Instead, the seasoned financial expert considers cryptocurrency to be a religion. Although it is allegedly entertaining to buy and speculate with cryptocurrency, he believes that people will continue to participate in regular stock markets.
Stocks are expected to remain a viable investment even if inflation persists; however, rising interest rates may pose a problem for the stock market in the near future.
Mobius isn’t the only expert who thinks the cryptocurrency market is overheating. Other experts have warned that a rumored crypto bubble could eventually burst, owing to the fact that the true worth of digital currencies is still up for debate. The recent cryptocurrency scam centered on the hit Netflix series Squid Game highlights the huge dangers that crypto investors must inevitably accept when investing their hard-earned money in mostly unregulated cryptocurrencies.