Mark Mobius, a veteran investor, claimed in a recent interview that traders can thank Russia for the sudden bitcoin price booms they’ve been witnessing. Mark Mobius On Russia and Bitcoin Mobius explained that several Russians are more than likely trading cryptocurrency at this stage. With the fear of war spreading throughout the land, it looks like several individuals have turned to bitcoin to satisfy their financial needs. Newfound sanctions brought on by the United States and its allies are causing several banks within Russia to be shut down or halted in some way, but crypto presents residents with a way to maintain their survival. Mobius mentioned: I would not be a buyer, but if I was a Russian, I would be a buyer. I would say that’s the reason why bitcoin has
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Mark Mobius, a veteran investor, claimed in a recent interview that traders can thank Russia for the sudden bitcoin price booms they’ve been witnessing.
Mark Mobius On Russia and Bitcoin
Mobius explained that several Russians are more than likely trading cryptocurrency at this stage. With the fear of war spreading throughout the land, it looks like several individuals have turned to bitcoin to satisfy their financial needs. Newfound sanctions brought on by the United States and its allies are causing several banks within Russia to be shut down or halted in some way, but crypto presents residents with a way to maintain their survival.
Mobius mentioned:
I would not be a buyer, but if I was a Russian, I would be a buyer. I would say that’s the reason why bitcoin has shown strength now, because the Russians have a way of getting money out, getting their wealth out.
Just a day or two ago, bitcoin jumped as much as ten percent and once again rose above the $40,000 mark, a region it hadn’t witnessed in several weeks. The currency instantly fell upon Russia deciding to invade its neighbor Ukraine, but with heightened trading likely occurring in both countries, one can argue that the space is beginning to rebound.
Ari Redbord of TRM Labs, a blockchain intelligence firm, says he is confident Russia is looking to crypto as a means of avoiding newfound sanctions and bypassing financial laws. However, he says it would be quite difficult for the country to do this, as crypto can’t be used in the ways standard currencies can.
He said:
There’s just not the liquidity there to really make a dent in terms of what Russia is facing right now.
He also says the entire world is watching Russia. Thus, he believes any crypto exchanges that monitor customer activity will likely know which actions are taken by shady Russian customers. These would be instantly reported to the proper authorities and the transactions would be shut down.
It’s Time to Buy Gold…
Putting bitcoin aside, Mobius says things could get quite hairy in the weeks to come. He feels that the one true stable asset a person can add to their portfolio is gold, and he’s advising all investors to get their hands on the precious metal as quickly as possible. He mentioned:
Gold is a place to be, as I’ve mentioned for a long, long time. It’s very important to have some physical gold… This is a very good lesson in diversification.
He stated that gold has typically been a rather strong “safe haven” during times of economic strife and uncertainty. Last month, the precious metal rose as much as six percent. This was during a time when bitcoin, stocks, and several other trading mediums were experiencing a decrease in prices.