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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

CNBC Host Challenges Mark Mobius On Bitcoin Needing Gold Backing

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin gold mark mobius cnbc joe kernen

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On a recent segment of CNBC’s Market Alert featuring prominent investor Mark Mobius, the conversation quickly turned to gold, fiat currencies, and of course, Bitcoin.

Mobius’ comments about Bitcoin requiring gold-backing to have inherent value was immediately met by criticism from the crypto world’s favorite financial analyst, Joe Kernen, host of CNBC’s Squawk Box.

Prominent Investor: For Bitcoin To Have Value, It Needs Gold Backing

Bitcoin has many narratives, with many of them coming to light at a different rate, or coming into focus more so than another at certain points depending on the overall global climate and where the crypto market is at.

During the 2017 bull run, crypto investors began to hold Bitcoin for the long-term hoping its value would increase, resulting in the “store of value” narrative taking the center stage.

Related Reading | Analyst Claims Current Bitcoin Bull Run is “A Store of Value in the Making”

More recently, the narrative has switched to “Bitcoin as a safe-haven asset,” rising in price amidst growing global economic turmoil and alongside precious metals.

Yet another narrative is the “Bitcoin as digital gold” narrative, that plays into both gold’s use as a safe-haven asset and as one of the oldest stores of value on the planet. However, prominent investor Mark Mobius not only doesn’t think Bitcoin is digital gold, he says that for Bitcoin to have value at all, it really needs to be backed by the precious metal it’s said to be the digital counterpart of.

But Mobius’ comments were met with opposition by Joe Kernen, host of CNBC’s Squawk Box and recent crypto skeptic turned supporter. Kernen questioned Mobius on why he didn’t believe that blockchain technology itself is what “imbues” value into Bitcoin, suggesting that Bitcoin didn’t need gold at all to flourish.

Like the dollar. wait https://t.co/7xbA6ubI3A

— Joe Kernen (@JoeSquawk) September 5, 2019

Kernen also challenged Mobius on why he didn’t express the same sentiment toward fiat currencies, which aren’t backed by gold yet still have value. Mobius says that’s due to the faith people have in those fiat currencies and the governments that back them. Mobius contradicted himself later by saying that people also have faith in cryptocurrencies.

Mobius then goes on to issue a warning about cryptocurrencies and blockchain, saying that anything man-made can be hacked into, despite many believing Bitcoin’s network to be completely sound.

Related Reading | Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset 

Gold is a precious metal mined from the earth itself, and cannot be hacked, giving Mobius and others who invest in gold more peace of mind. However, as the digital age progresses, the need for a currency and store of value to have many of the same attributes of gold will become more necessary, and that asset is Bitcoin.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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