{"id":18404,"date":"2023-03-07T01:48:14","date_gmt":"2023-03-07T01:48:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/billionaire-mark-mobius-says-he-cant-get-his-money-out-of-hsbc-china-theyre-putting-all-kinds-of-barriers-featured-bitcoin-news\/"},"modified":"2023-03-07T01:48:14","modified_gmt":"2023-03-07T01:48:14","slug":"billionaire-mark-mobius-says-he-cant-get-his-money-out-of-hsbc-china-theyre-putting-all-kinds-of-barriers-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/billionaire-mark-mobius-says-he-cant-get-his-money-out-of-hsbc-china-theyre-putting-all-kinds-of-barriers-featured-bitcoin-news\/","title":{"rendered":"Billionaire Mark Mobius Says He Can’t Get His Money Out of HSBC China \u2013 ‘They’re Putting All Kinds of Barriers’ \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Billionaire Mark Mobius, founder of Mobius Capital Partners, says he cannot take his money out of HSBC in Shanghai, China. Citing severe capital control by the Chinese government, he stressed: \u201cIt\u2019s crazy \u2026 They\u2019re putting all kinds of barriers.\u201d<\/strong><\/p>\n

Mark Mobius Has Trouble Getting His Money Out of HSBC in China<\/h2>\n

The founder of Mobius Capital Partners, Mark Mobius, revealed that he cannot get his money out of HBSC in China during an interview with Fox Business last week. 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.<\/p>\n

Discussing the Chinese economy and problems with government control, the billionaire revealed:<\/p>\n

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I\u2019m personally affected. I have an account with HSBC in Shanghai and I can\u2019t take my money out \u2026 I can\u2019t get an explanation of why they\u2019re doing this. It\u2019s just amazing. They\u2019re putting all kinds of barriers.<\/p>\n<\/blockquote>\n

\u201cThey don\u2019t say: \u2018no, you can\u2019t get your money out.\u2019 But [they say] give us all the records from 20 years of how you made this money and so forth,\u201d Mobius detailed. \u201cThis is crazy,\u201d he exclaimed, emphasizing that this problem is \u201csignificant.\u201d<\/p>\n

He proceeded to caution about investing in China, stating: \u201cThe government is restricting the flow of money out of the country \u2026 So, I would be very, very careful investing in China.\u201d Instead of investing in China, he explained: \u201cWhat we are doing is going into Hong Kong which seems to be a little more open and able to get money in and out \u2026 Putting money into China, I think you have to be very, very careful.\u201d<\/p>\n

Discussing the impact of China reopening after lifting its zero-Covid policy, the Mobius Capital founder opined: \u201cNow you have a government which is taking golden shares in companies all over China.\u201d He warned, \u201cThat means they\u2019re going to try to control all of these companies,\u201d noting that it already happened to Tencent and Alibaba.<\/p>\n

Mobius stressed:<\/p>\n

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I don\u2019t think it\u2019s a very good picture when you see the government becoming more and more control-oriented in the economy.<\/p>\n<\/blockquote>\n

\u201cThe bottom line is that China is moving in a completely different direction than what Deng Xiaoping instituted when they started the big reform program,\u201d Mobius said, referring to the Chinese leader who served from December 1978 to November 1989.<\/p>\n

Commenting on the billionaire\u2019s trouble getting his money out of HSBC in China, bitcoin supporters were quick to point out on social media that BTC<\/a> can solve this kind of problem. However, Mobius has long been a bitcoin and crypto skeptic. In November last year, he predicted<\/a> that the price of BTC<\/a>, which is currently $22,508, will drop to $10,000. He also said cryptocurrencies are \u201ctoo dangerous\u201d for him to invest in, advising investors not to look at them as a means to invest but as \u201ca means to speculate<\/a> and have fun.\u201d<\/p>\n

What do you think about Mark Mobius having trouble taking his money out of HSBC in China? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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