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Bitcoin bubble would burst if more people pump in money: Mark Mobius

Mobius said that the government's public sector banks recapitalisation plan would help India attract more capital from domestic as well as international investors

BS Web Team  |  New Delhi 

Fed rate hike to favourably impact emerging markets: Mark Mobius
Mark Mobius is an emerging markets fund manager at Franklin Templeton Investments

India will be moving at a faster pace than China going forward, Franklin Templeton Investments Emerging Markets Fund Manager was quoted by TV channels as saying on Friday.    

Speaking to CNBC TV-18, Mobius said that the current administration had been clever in terms of making reforms. He also said that the market could move 20 per cent higher than levels seen in 2007. 

Here's what Mobius had to say on a gamut of issues:

1) PSU banks recapitalisation: Speaking to ET Now, Mobius said that the government's public sector banks recapitalisation plan would help India attract more capital from domestic as well as international investors. Mobius added that an aggressive privatisation programme would push forward economic growth.

"I am moving my money to state-owned banks post government's PSU plan," Mobius told CNBC TV-18

While stating that he was more bullish on public sector banks after the announcement of the recapitalisation plan, Mobius told the financial channel that an accelerating trend was expected from India and that 10 per cent economic growth was on the cards. 

2) Goods and Services Tax: While saying that the process of implementing has been very complex, Mobius told ET Now that it would be beneficial if more power was given to the states. The government's move to give more power to the states would have a very beneficial effect on the economy going forward, he added. 

3) Moody's upgrade: Mobius also told the TV channel that ratings agency Moody's sovereign upgrade of India would lead to more capital flowing into the country.    

4) sector: Mobius said that he was bullish on the sector. Speaking to CNBC TV-18, the Franklin Templeton Investments funds manager said that the sector would be an interesting space in the coming two-three years, adding that was becoming datacom in India. 

5) Bitcoins: Mobius told the TV channel that were giving 'Tulips' a bad name. He added that there was still a lot of money to be made in However, he cautioned that the Bitcoin bubble would burst if more people pour in their funds into the cryptocurrency.   

First Published: Fri, December 08 2017. 13:00 IST
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