In an interview with Bloomberg, Mobius predicts that growing government attention is going harshly on the crypto industry.
“I’m afraid it’s [Bitcoin] will break lower. I hate to say this because I have a lot of friends in this space. But I don’t see how the enthusiasm for cryptocurrencies can grow in this environment as you are going to see more and more governments cracking down on this area.
And you can see that Bitcoin companies that are trading are starting to get hit as well, which is why probably a lot of them are rushing into the market in order to grab the opportunity.
The seasoned investor claims that confidence in cryptocurrencies, which he believes is the determining factor for many speculators buying Bitcoin, is also likely to decline.
“Right now there is so much money flowing, especially in the United States. People get checks in the mail from the government. They are added to their bank accounts. They don’t know what to do with their money.
And when they hear these rumors there is a lot of speculation about Bitcoin and you hear about the billionaires who were created with Bitcoin and the other cryptocurrencies, they get excited and they walk in. It is a matter of faith.
So what I’m saying is that faith is probably going to start to crumble.
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