Mark Mobius, the founder of Mobius Capital Partners, has revealed that he cannot get his money out of HBSC in China during an interview with Fox Business.
It has been reported that Mobius spent more than three decades at Franklin Templeton Investments before starting his own company. He previously served as the executive chairman of Templeton Emerging Markets Group where he managed more than $50 billion in emerging markets portfolios.
He said:
“I’m personally affected. I have an account with HSBC in Shanghai and I can’t take my money out … I can’t get an explanation of why they’re doing this. It’s just amazing. They’re putting all kinds of barriers. They don’t say: ‘no, you can’t get your money out.’ But [they say] give us all the records from 20 years of how you made this money and so forth. This is crazy.”
He added:
“The government is restricting the flow of money out of the country … So, I would be very, very careful investing in China. What we are doing is going into Hong Kong which seems to be a little more open and able to get money in and out … Putting money into China, I think you have to be very, very careful.”
The Mobius Capital founder opined:
“Now you have a government which is taking golden shares in companies all over China. That means they’re going to try to control all of these companies.”
Mobius stressed:
“I don’t think it’s a very good picture when you see the government becoming more and more control-oriented in the economy.”
Commenting on the billionaire’s trouble getting his money out of HSBC in China, Bitcoin supporters were quick to point out on social media that BTC can solve this kind of problem. Mobius has long been a bitcoin and crypto skeptic.
Thus, in November last year, he predicted that the price of BTC, which is currently $22,508, will drop to $10,000. He also said cryptocurrencies are “too dangerous” for him to invest in, advising investors not to look at them as a means to invest but as “a means to speculate and have fun.”
Source: Bitcoin.com