In an interview with Financial News media outlets, Mark Mobius, emerging markets asset manager and founder and CEO of Mobius Capital Partners, said that it makes no sense trying to analyze and predict the future price of Bitcoin because the cryptocurrency does not follow any pattern.

CEO of Mobius Capital Partners, Mark Mobius said:

“Trying to predict the price of Bitcoin is a loser’s game.”

Mobius stated that speculating on movements of Bitcoin’s price is similar to playing a lottery or gambling. He mentioned there is no reliable information that anyone can use to predict the cryptocurrency’s next move. He said:

“[Its rise is a] casino operation based on all sorts of rumors and speculation.”

Mobius’ observation comes at a time when Bitcoin was on the verge of reaching a record high of $20,000 earlier this week, but the cryptocurrency’s sharp rise was cut short after its price fell by almost 11% on November 26 – one of the biggest declines since March.

It is also a time when heavyweight investors are keen on making some predictions that the price could rise higher toward the end of the year, saying that the crypto asset is now in bubble territory.

However, Mobius pointed out that analyses and predictions are contradictory because there is no reliable way of predicting Bitcoin pricing or its movements. The emerging markets manager claims that investing in cryptocurrencies could be dangerously close to gambling.

While several big names in the investment landscape like billionaire investor Stanly Druckenmiller, Twitter CEO Jack Dorsey, and MicroStrategy CEO Michael Saylor have all praised Bitcoin in recent months, Mobius has been a vocal critic of the cryptocurrency. In 2019, Mobius raised concerns about blockchain saying that the technology could be broken into, arguing that anything that is created by human beings can be broken into. However, the only hope he would like to see and be interested in the crypto industry is a cryptocurrency backed by gold.

Whenever the Bitcoin price declines, its common for the voices of crypto critics to resonate even louder. Nouriel Roubini and Peter Schiff are some of the famous Bitcoin critics who have issued some warnings just like Mobius. Depsite the dissent on Bitcoin, the crypto market remains bullish and BTC has risen by 4.9% in the last 24 hours, the Bitcoin price is $17,819 at time of writing according to CoinMarketCap.

Crypto Price Prediction as A Market Literacy Tool

Any kind of forecast or prediction on the movement of cryptocurrency prices is important for educational and informative purposes. However, there is no analyst or software that has been able to consistently predict market movement correctly . If someone could accurately predict the price of Bitcoin, then the crypto market would definitely lose much of its purpose. But does not imply that price prediction is useless. Predictions are usually vital guidelines that provide clues and the general feeling of traders and investors and even influence the market for short periods.

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Mobius stated that speculating on movements of Bitcoin’s price is similar to playing a lottery or gambling. He mentioned there is no reliable information that anyone can use to predict the cryptocurrency’s next move. He said:

Source: https://blockchain.news/news/mobius-capital-partners-ceo-says-trying-to-predict-bitcoin-price-losers-game

According to The Financial Times, the Libra cryptocurrency being developed by Facebook’s Libra Association could be launched as early as January next year but in a limited format.

In April this year, Libra Association, which now has 27 members including Facebook, intended to unveil an electronic version of several traditional currencies, plus an electronic digital composite of all its coins. This came after global regulators raised concerns over the Association’s initial plan to create one synthetic stablecoin pegged to a basket of government bonds and fiat currencies.

But now the Association only plans to launch a single coin backed by the US dollar. The other currencies and the composite would be rolled out later in the future.

However, the exact launch of Libra cryptocurrency would depend on when the regulator (the Swiss Financial Market Supervisory Authority) approves the project to operate. Such approval could come as soon as January. FINMA stated that it would not comment matters on Libra’s application whose licensing process was initiated in May this year.

Although the limited scope may appease wary regulators, critics have laid complaints that a move to launch a single-currency coin could hit customers seeking to convert currencies with additional costs, thus undermining its far-reaching ambition to enable greater financial inclusion by empowering billions of people and addressing the needs of the poor and unbanked.

Libra Cryptocurrency Facing Greater Hurdles

Facebook released its white paper in June 2019 with a mission to launch a simple financial infrastructure and global currency in the first half of 2020. However, the announcement received skeptical reception from financial regulators around the world, saying that Libra digital currency backed by traditional money and other assets could threaten the world’s financial stability and monetary system and hinder cross-border efforts to fight terror financing and money laundering and throw up problems for privacy, taxation, and cybersecurity.

Facebook’s cryptocurrency efforts have been met with questions and doubts almost from the time the company announced it in June 2019. The troubled cryptocurrency initiative suffered new blows in October 2019 as the departures of key founding members became an exodus. Visa, Stripe, eBay, and Mastercard dropped out of Libra, a week after PayPal became the first company to pull out from the controversial project.

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Source: https://blockchain.news/news/facebook-to-launch-libra-cryptocurrency-january-2021-but-in-limited-format