($ BTC) – Mark Mobius doesn’t like Bitcoin and oil right now, but says it’s a good time to bet on Indian stocks

Mark Mobius, a seasoned emerging market investor, sees opportunities in the Indian equity market even as the country is hit by a wave of COVID-19.

What happened: India’s Nifty 50 stock benchmark is up 8.1% so far this year, despite the country ranks second in number of cases after the US due to the rapid resurgence of COVID-19 infections last month .

Mobius, the founder of London-based wealth manager Mobius Capital Partners, told CNBC’s Capital Connection Tuesday that he likes software companies, healthcare stocks, and companies that provide equipment and materials for infrastructure projects, and that this is likely a good opportunity to buy.

An emerging market advocate and longtime Indian bull, Mobius noted that the country’s stock market has not been as badly affected by the COVID-19 cases.

See Also: This fund manager believes low Bitcoin prices could negatively affect technical stocks

“But in general we know this is going to happen, people will be vaccinated and the numbers (COVID-19 case) will go down,” Mobius told CNBC.

About oil and cryptocurrency: Mobius told CNBC he was “not that excited” about the oil sector because oil prices had an “incredible run” as they recovered from the pandemic crash and may stop rising.

The investor said he continues to like gold and prefers to hold physical gold instead of buying the not-so-profitable mining companies, adding that he disagrees with the view that bitcoin could one day replace gold as a hedge against inflation.

The price of Bitcoin rose from under $ 30,000 at the end of 2020 to over $ 43,000 on Wednesday. Mobius said it was difficult to predict the direction of cryptocurrency prices and wondered how easy it would be to convert Bitcoin and other cryptocurrencies into “real money” for people to spend.

“I can’t have a crypto-ring while I can have a gold ring – that’s the real difference,” Mobius said. “It’s a completely different situation and I don’t understand why people say that Bitcoin can be like gold, it’s completely different. Gold is gold and it is physical, Bitcoin is not. “

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