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Cryptocurrencies, according to veteran investor Mark Mobius, are more akin to a religion than investments. He noted that while investing in cryptocurrency was entertaining, equities were the better alternative.

JP Morgan CEO Jamie Dimon and the heads of conventional banking and government institutions throughout the world, such as Janet Yellen, Christine Lagarde, and other bank officials, are adding their voices to the chorus.

According to Mobius, who told CNBC, people should not look at these cryptocurrencies as a source of investment. Instead, it’s a way to speculate while having a good time. First, however, you must return to stocks.

He mentioned inflation as one of the reasons why people aren’t investing in cryptocurrencies, saying:

“Stocks definitely are the answer because the devaluation of currency is not going to go away, which means inflation is going to continue at a high rate going forward,” he said. “Don’t forget the U.S. money supply has gone up over 30%.”

His views on cryptocurrencies are similar to those of Jamie Dimon, who recently declared Bitcoin “worthless” and “fool’s gold.”

It is difficult to dispute that Mobius and Dimon haven’t achieved success in their respective industries. However, it must be remembered that in traditional banking, both parties have interests to preserve, and the advent of cryptocurrencies may be ruffling some feathers.

Mobius’ opinion that the U.S. stock market has enormous potential, even though it is at all-time highs and has been for many years, maybe considered a hazardous bet.

Perhaps it is time to sit up and listen when a group of vibrant and brilliant young people comes to a consensus and declares that cryptocurrencies are lousy investments.

However, when it’s only old investors who are only familiar with the traditional financial system and can’t seem to get their brains around modern technologies, there are likely to be many causes for disagreement.

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