Despite BTC’s recent increase, critics like Peter Schiff and Mark Mobius remain bearish on the digital asset. Speaking in an interview in the past week, Mobius compared Bitcoin investment to investing in a casino operation. He also commented on the recent and constant surge in the price of Bitcoin. He said the recent increase is like a “casino operation based on all sorts of rumors and speculations.”
As reported by CryptoDaily, Mobius mentioned the unpredictable nature of digital currencies. He said that there is no reliable data or information that can guide any digital asset prediction. He added:
“Trying to predict the price of Bitcoin is a loser’s game.”
Before now, Mobius said that BTC is more of a religion than a digital asset worthy of investment. He also noted that the king coin is only backed by faith and hope; hence, it has not proven to be a safe haven. He said:
“If there is a cryptocurrency that is really backed by gold and there is a meaningful agreement and some kind of modern thing connection, then this could be quite interesting.”
On the other hand, many analysts are bullish on BTC and confident that the crypto asset will climb $20,000 before the end of 2020.
Since the mid-March market crash, Bitcoin has rebounded gradually and pulled in new highs. Currently, Bitcoin is up 6.984% to $19,341.10.
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