The eponymous founder of Mobius Capital Partners LLP, Dr. Joseph Bernhard Mark Mobius opens-up about his fear for the decline of Bitcoin. In an interview with Bloomberg, he shared his beliefs about the correlation between Bitcoin and the tech stock market which he finds very close.
According to the investors, the existing problem of the stock market is the technology sector. Mobius hope for the surge in the first digital currency which enable the revival of tech stocks after the decline (if happened).
Mark Mobius is observing the crypto-space closely due to his fear of the decline of Bitcoin which may hit the share price of technology company very badly. His statement reads, “I think the relationship between bitcoin prices and the tech market is very close, Bitcoin decline may hit tech stocks very badly " "So watch that indicator." he added.
After the decline in prices at the end of the previous month, Bitcoin reached $43,000. At the beginning of the first week of March, the digital gold jumped from $49,000 to $54,000. The U.S. Senate passed the $1.9 trillion stimulus program is one of the key reasons for Bitcoin recovering to $55,000. At the time of writing, the biggest crypto is trading at $55,639.
When asked about his take on the recent decline in the value of gold, Mobius said
Gold fell 0.3% to $1,710 per ounce on Wednesday and has fallen 7% in the last month.