He’s Not a ‘Bitcoin Enthusiast’, but This Single Factor Could Change His Mind

[Nathrixxx]

Veteran investor Mark Mobius reveals one key element that could reverse his stance on Bitcoin.

Mobius, who co-founded frontier markets company Mobius Capital Partners, says in a Bloomberg interview that he isn’t a Bitcoin (BTC) enthusiast even though some of his friends are.

“A lot of my friends are Bitcoin enthusiasts. I am not.”

However, Mobius says that he could change his mind about Bitcoin if it becomes accepted as a method of paying taxes.

“If governments around the world, particularly the U.S. government, allows payment of taxes in Bitcoin or some cryptocurrency, then I would change my mind. Because then it would become an internationally recognized currency. But as it stands now, that’s not the case. I don’t see that happening anytime soon.”

Mobius says El Salvador’s decision to adopt Bitcoin as a legal tender is unlikely to be replicated across the globe due to the flagship cryptocurrency’s shortcomings and the Central American country’s unique circumstances.

“It just doesn’t make sense to have a payment system with Bitcoin when you can use [your] phone to make payments. What’s the big problem? Why do we need Bitcoin? That’s number one.

Number two, El Salvador, let’s face it, is on its back. It’s got real problems. It’s a bankrupt country, in fact.

So they’re grasping at straws with Bitcoin. But I don’t think it’s going to spread to other countries. Maybe a few other countries, maybe Cuba, other countries that have financial problems will adopt it. But otherwise, I don’t think this is going to go too far. It doesn’t make sense to me. It’s not convenient, it’s risky.”
https://dailyhodl.com/2021/09/10/veteran-investor-mark-mobius-says-hes-not-a-bitcoin-enthusiast-but-this-single-factor-could-change-his-mind/

Am sure that using Bitcoin as a means for tax payment is one of the milestones to be achieved in due time as it keep soaring high, to me I have no doubt about that, while talking about Bitcoin being an international well recognized currency is still on the verge, and am sure the analysts in crypto world were on relentless effort daily to ensure the attainment of new edge each day toward the globalization of Bitcoin operational use.

To me I will advise Mark Mobius to consult for a Bitcoin specialist who has the comprehensible knowledge of taught in btc to enlighten hidden path to exposure, we can make good and interesting references of interesting past records of Bitcoin investors, their targets, achievements, and procedural challenge along their way.

[Oshosondy]

Who cares if he is not a bitcoin enthusiast, it will just only be good if people investing on other asset to know how bitcoin can be the best option before they all miss out as bitcoin is getting more adoption. Bitcoin has been the best asset in 2010 to 2020 which is 10 years or a decade.

[dothebeats]

I don’t get the obsession of some people in paying taxes with bitcoin.

This is just like saying they want bitcoin to be legalized and recognized by the government without explicitly saying that that’s what they want. We will get there, although by that time I don’t think it matters much if he’s a crypto enthusiast or not. The ship will still sail without him, and I think his friends, which I assume are also millionaires or billionaires, are enough to carry bitcoin to some heights without him.

[Quidat]

Who cares if he is not a bitcoin enthusiast, it will just only be good if people investing on other asset to know how bitcoin can be the best option before they all miss out as bitcoin is getting more adoption. Bitcoin has been the best asset in 2010 to 2020 which is 10 years or a decade.

Why there are really people who are really that obsessed on minding other peoples interest and own personal views? Just let them be because sooner or later they might really be putting
up some considerations and would regret that they had missed out the opportunity that they had noticed in the past.We do know that not all would be having  the same perception towards
things whether they do find out to be interesting or not on the first place but to those who do able to get in early then they are the ones who do really get benefit out.

[Coyster]

I don't actually think that Mark Mobius has any intention of becoming a Bitcoin enthusiast, though we can never say never as quite a lot of people have had a change of heart about the network after initially being so hostile and unreceptive to it, I kind of have this believe that he just said all of this to discredit Bitcoin and also to rub in the mud EL Savadors decision of adopting Bitcoin as a legal tender, for people who understand the network and the fact that most governments wouldn't adopt it cause they can't control it, they'll know that Mark Mobius is basically just talking without any real understanding and thus deserves no attention that he seeks.

[suzanne5223]

However, Mobius says that he could change his mind about Bitcoin if it becomes accepted as a method of paying taxes.

Then he's still naive about the thing happening around the world because Bitcoin is already taxed and it automatically makes Bitcoin to be a method of paying taxes.

"If governments around the world, particularly the U.S. government, allows payment of taxes in Bitcoin or some cryptocurrency, then I would change my mind. Because then it would become an internationally recognized currency. But as it stands now, that’s not the case. I don’t see that happening anytime soon.”

Mobius is so naive and this reminds me of the news I read today where Edward Snowden said people and some countries that don't join the Bitcoin train will regret hesitating and what makes him believe he won't buy Bitcoin at about $100K range when the thing he expected happen.

Having said that, I don't think he's in a position to speak every government in the world when he said "El Salvador’s decision to adopt Bitcoin as a legal tender is unlikely to be replicated across the globe due to the flagship cryptocurrency’s shortcomings".

[Darker45]

I cannot seem to see his point. The man's argument is simply illogical. He's saying things which are irrelevant to his position.

Bitcoin is Bitcoin regardless if it is used by criminals and not priests, by scammers and not honest people, and so on. It is the same Bitcoin even if it is adopted by the US or El Salvador. Why is he attacking Bitcoin's improbability simply because the country adopting it first is El Salvador and not the US? It doesn't speak of Bitcoin if it is being used by a country that is on its back.

So Bitcoin is feasible if it is the US that accepts it and not if it is El Salvador or Cuba or whatever economically-challenged countries?

[Poker Player]

However, Mobius says that he could change his mind about Bitcoin if it becomes accepted as a method of paying taxes.

Then he's still naive about the thing happening around the world because Bitcoin is already taxed and it automatically makes Bitcoin to be a method of paying taxes.

Uh, no. Gold is taxed and you don't pay taxes in gold, stocks are taxed and you don't pay taxes in stocks.

On the other hand, I agree with the opinions expressed above: I too don't give a damn what Mark Mobius thinks or doesn't think about Bitcoin.

When he says he wants them to be accepted to pay taxes, it is clear that he has not heard that they have been regulated as a financial asset, as I commented above, taxes are paid on profits, but in fiat currency, and this is not going to change, and even less so in the near future. In El Salvador they are accepted for the payment of taxes but I doubt very much that we will see it in the USA.

[cryptomaniac_xxx]

I don't think he will reverse his stance soon, to quote:

become an internationally recognized currency

So I doubt that bitcoin will be recognized around the world. Although El Salvador for example has legalized it, look at the repercussions. Some world organizations have like IMF giving them warnings for adopting bitcoin, nevertheless they proceed with their legalization. So let him be left in the closet while his friends making good investment in bitcoin.

[Kong Hey Pakboy]

@Oshosondy is right, who cares about this guy even if he is a veteran investor, I am sure that he's not the only one that can be called that. To be honest, we shouldn't care what this people say anyways because these people have some interests that they protect so they're saying things that's protecting those interest.

[Kakmakr]

Mark Mobius is bending the facts on most of his statements and it is clear that he does not understand a lot about Bitcoin.    The El Salvador president clearly said that the Money transmitters and the Banks are making too much money on international transfers. A lot of their citizens are working in other countries and the fees that these Banks and Money transmitters are charging them to send money home.. is absolutely ridiculous.

How can he point a finger at El Salvador in saying that they are bankrupt, when most of the 1st world countries are neck deep into debt.    If you want an excuse not to be into Bitcoin, you will simply make up shit like this. 

[electronicash]

El  Salvador is a bankrupt country? if they are, the more it has reason to use BTC. just like the 1st world countries, they should also be adopting Bitcoin because they are bankrupt. in fact, their debts are exactly the reason why they print as well. with inflation means dissolving their debts.

it also good to pay taxes in bitcoin because when the price of BTC goes up, the lesser satoshis we'll be paying. overtime, if governments will really accept Bitcoin, this will happen.

[cr1776]

I don’t get the obsession of some people in paying taxes with bitcoin.

This is just like saying they want bitcoin to be legalized and recognized by the government without explicitly saying that that’s what they want. We will get there, although by that time I don’t think it matters much if he’s a crypto enthusiast or not. The ship will still sail without him, and I think his friends, which I assume are also millionaires or billionaires, are enough to carry bitcoin to some heights without him.

I agree. I just wonder who would be stupid enough to pay taxes with bitcoin?  One should use a currency who's value is inflating away (decreasing) like fiat instead of an asset that has had more than a decade of increasing in value. Perhaps at fiat equilibrium that would make sense, but that's likely another few orders of magnitude away.

When the world figures out that debt levels are not sustainable and people start protecting themselves by buying PMs and crypto, those people, companies and countries who already realize this will be well prepared.

He sounds like Warren Buffett decades ago not investing in tech companies because he "doesn't understand them."   If you couldn't understand Microsoft, Intel or Apple in 1990 or 1995, you must be pretty stupid. I don't think he is stupid though about investing, just about his support of fascism and socialism etc.

[rodskee]

Who cares if he is not a bitcoin enthusiast, it will just only be good if people investing on other asset to know how bitcoin can be the best option before they all miss out as bitcoin is getting more adoption. Bitcoin has been the best asset in 2010 to 2020 which is 10 years or a decade.

bitcoin is always been a best choice to invest if people are like us who already knew this market but for those who are not? they are just starting to get into it and slowly analyze the opportunity of earning and investing.
we must not care about what others might say but all we must understand is how can we stand the call of selling when price is dumping because that is the reason why many losses and why many wins.
this is about our capacity to take the perfect timing and i'm sure he will learn that eventually.

[zanezane]

El  Salvador is a bankrupt country? if they are, the more it has reason to use BTC. just like the 1st world countries, they should also be adopting Bitcoin because they are bankrupt. in fact, their debts are exactly the reason why they print as well. with inflation means dissolving their debts.

it also good to pay taxes in bitcoin because when the price of BTC goes up, the lesser satoshis we'll be paying. overtime, if governments will really accept Bitcoin, this will happen.

They're saying that to El Salvador because they don't want the legal tender status of bitcoin in the country gain traction and success among the people because they precisely know that it can help the people of El Salvador, they just don't want to see it.

[buwaytress]

Sorry if I am not going down the whole article to read but does anyone else think it feels kind of dumb to ask for Bitcoin to be allowed to be used to pay taxes? Like Poker Player points out, eho the hell pays taxes on assets in the actual assets? We aint doing feudal system tax tithes anymore man.

What is stopping anyone from liquidating Bitcoin necessary to pay taxes using the fiat derived from the trade?

Anyway, he should move to Switzerland then. Cities there been accepting tax payments in Bitcoin for years. Why hasn't he emigrated?

[Tim-BTC]

I don't understand why many people think that being supervised or recognized by the government is a milestone.Cryptocurrency itself has the characteristics of borderless, anonymity and decentralization.The recognition of an individual, an enterprise or a country will not hinder or accelerate the development of bitcoin.

[suzanne5223]

However, Mobius says that he could change his mind about Bitcoin if it becomes accepted as a method of paying taxes.

Then he's still naive about the thing happening around the world because Bitcoin is already taxed and it automatically makes Bitcoin to be a method of paying taxes.

Uh, no. Gold is taxed and you don't pay taxes in gold, stocks are taxed and you don't pay taxes in stocks.

Yes, but I believe he had the naive impression of tax to be in BTC because BTC is used as currency and payment while Gold and Stock are not. However, it will be wrong for any genuine crypto enthusiast to pay tax in BTC when we know the market potential.

On the other hand, I agree with the opinions expressed above: I too don't give a damn what Mark Mobius thinks or doesn't think about Bitcoin.

People like him always say some silly things just to be on the headlines or been notice and saying negative things about BTC is their weapon these days.