Investing legend Mark Mobius says crypto is a way to have fun and speculate and that it’s more like a religion than an investment

Investing legend Mark Mobius says crypto is a way to have fun and speculate and that it’s more like a religion than an investment

The legendary investor Mark Mobius said cryptocurrencies may be fun, but investing in stocks is the way to hedge against the high rate of inflation. Cryptocurrencies shouldn't be seen as a means to invest, the founder of Mobius Capital Partners said in a . Instead, he said they're "a means to speculate and have fun." "The bitcoin situation and the cryptocurrency situation is religion. It's not an investment; it's a religion," he said. "People believe in it; people think they're getting richer, and that's fine. As long as the music continues to play, it's great. Once that music stops, then we're going to be in real trouble." That so-called music has pushed , the world's largest cryptocurrency, and , the second largest, to all-time high prices in the last month. Even meme tokens dogecoin and shiba inu coin have taken spots in cryptocurrencies by market capitalization. Even so, Mobius said, stocks are "definitely the answer" to hedge against inflation, which will likely linger at decade-high levels . "You've got to go back to stocks at the end of the day," he told CNBC. Mobius, a pioneer of emerging markets investments, has been hesitant about cryptocurrencies before. In a September interview,