Mark Mobius, executive chairman at Templeton Emerging Markets Group, believes that the pressure of governments on the cryptocurrency market will lead to the growth of investors’ demand for gold. It is reported by Bloomberg.
Mobius thinks that at the current stage of development, the cryptocurrency market is getting out of control. Naturally, it arises concerns among governments all around the world.
“It is all about trust,” explained Mobius. “As long as people trust Bitcoin and other cryptocurrencies, they will invest money in them, but when governments start to crackdown on the industry, the trust will vanish straightaway. That is when investors will return to old, time-tested assets, mainly gold.”
According to Bloomberg Markets, the price of an ounce of gold fluctuates from $1331.89 to $1339.81. Bitcoin price has already overcome that mark back in March and reached $4000 and more.
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