Now, it may sound like a fluke, but it actually isn’t one.
One of the most outspoken critics of Bitcoin in the financial World has actually reversed his earlier position on the cryptocurrency earlier this week.
As a veteran in the global Financial services sector and one of the World’s most astute investors, Mark Mobius who is the founding partner of Mobius Capital LLP just reversed his views on Bitcoin!
A living legend in his own right when it comes to investing and finance, Mr. Mobius had actually expressed a very negative opinion as regards the cryptocurrency, calling it one of the greatest financial scams in history.
He then further continues to express the most dissatisfaction about the cryptocurrency, stopping short of calling it an outright scam.
Then a few days ago, he suddenly makes an about face and actually accepts the fact that Bitcoin is gaining widespread acceptance across the whole World!
He goes on about it in a recent Bloomberg interview in May, and this shows that maybe he too has seen the light!
This means that he may have been doing some moonlighting (the way we know he always does) and suddenly to be releasing his own opinion to the public bit by bit!
Then a couple of days ago, he still maintains his pro-Bitcoin position!
However, he does still put his faith in Stocks and Gold.
This may seem to be a bit far fetched but to be fair the question to be asked is: What made someone who had such loathing for Cryptocurrencies in general and Bitcoin particular to have an about face in just under a year?
The answers may shock you but two are the most important. Here they are:
Lack of Education on Cryptocurrencies
One thing that many Bitcoin enthusiasts fail to understand is that most people can’t get the simple fact that “Cryptocurrencies are assets determined and driven by math”.
This is the one fact that astounds them and makes the fact that such a concept can even exist to be unbelievable.
This is why education (real education) that gives birth to a proper understanding on what cryptocurrencies are and what they can be used for is needed in ensuring that everyone gets the point and catches up with the rest of us.
After all, not too many people ever thought that geeks can invent money or assets!
But today, geeks run the World’s conventional markets and even invent new ones!
A Proper Approach to Blockchain Technology
We have all been brought up in the centralized world, where everything is central.
From Government to religion and even money and finance, if it’s not central then something must indeed be wrong with it.
This same central concept came up and was used during the dot com bubble of the late 90s.
As such, the very concept of decentralization is alien to almost everyone.
It was thought to be almost impossible until Satoshi Nakamoto’s whitepaper which actually proved that decentralization and peer-to-peer transactions are indeed possible.’
Why won’t living legends like Mobius not understand what-the-heck-is-Bitcoin-all-about?
It’s time for a revolution!
At least one more Prophet of doom has been converted!
What do you think? Let us know your views on Bitcoin and cryptocurrencies in the comments below!