Friday, April 5, 2019

Warren Buffett Might Convert to Bitcoin, Dr Doom Already There

Famed Swiss investor, analyst and, until recently, crypto skeptic Marc Faber, 73, has bought his first bitcoin in another sign the old guard of investments is warming to crypto.

Speaking to German finance website Cash, Faber revealed he recently bought bitcoin for the first time to learn more about cryptocurrencies and following some persistent and high-profile badgering.


His normally pessimistic market outlook earned him the nickname “Dr. Doom.” Faber, with a net worth reportedly around $25 billion, famously predicted the crash of 1987. He pens the Gloom, Boom and Doom monthly market report.

Younger readers of the newsletter, plus a “one-hour talk” with Wence Casares, CEO of Xapo, convinced Faber to take the plunge and buy bitcoin.

It’s a sign younger, clued-up investors who place more trust in crypto than traditional markets, are gradually asserting their influence on the old guard.

But Faber is not the only billionaire investor to be linked to crypto. Warren Buffett, 88, who famously called Bitcoin “rat poison squared” last year is also warming to blockchain.

Speaking on CNBC’s Squawk Box, he has praised blockchain, despite admitting he doesn’t fully understand it:

It’s a very ingenious thing to figure out how to have a limited supply and make it harder and more expensive to create. This is explained to me by people a lot smarter than I am.


Along with a $40 million investment from two US pension funds into Morgan Creek Digital’s crypto venture fund, the signs are positive of a subtle shift in attitudes towards bitcoin, and cryptocurrencies more generally.

Many claim the market has bottomed out. Meanwhile, wealthy investors and institutional money are only too aware of the Bitcoin’s potential.

Faber said he bought Bitcoin around the end of February. Prices were hovering around $3.8k per coin. He believes BTC now looks better from a technical perspective. The crash of Bitcoin contributes to his analysis.

During the interview he hinted that while not guaranteed, the future for bitcoin was good.

He said:

It’s not certain, but possible, that Bitcoin will be the standard for money transfers.

Faber is probably the best-known, but also the most controversial, Swiss investor.

As well as being nicknamed Dr. Doom or “the crash prophet”, he gained international recognition after predicting the Black Monday stock market crash in 1987.

He’s well known for his regular criticism of central banks and traditional monetary policy.

- Source, CCN

Monday, April 1, 2019

Legendary Investor Marc Faber Just Bought His First Bitcoin

After being a bitcoin skeptic for almost a year, Marc Faber is willing to give the digital asset a try.

In an interview with Cash, the legendary investor and stock market expert said that he bought his first bitcoins in late February. He admitted that he wanted to learn more about how digital currency works, which led him to his first decentralized asset purchase. 

He also added that at circa $3,000, bitcoin rates “looked better” to him that at $20,000 more than a year ago.

“I was tempted to purchase bitcoin when it was available for $200. But I held myself from purchasing something that I didn’t fully understand,” Faber told Cash.

The call-to-buy followed a year-long bearish market in which BTC lost approximately 79 percent of its market capitalization. 

The digital asset, for a brief time, maintained calm above $6,000 but poor fundamental dynamics created around November’s infamous Bitcoin Cash hard fork pushed the price to its 18-month low. 

Bitcoin has now located a new temporary bottom near $3,100 and, at the press time, it is priced at $3,867.

“In the last three months, bitcoin has surged 15 percent,” Faber noted.

Not a Bitcoin Bull

Faber warned that his followers should not presume his involvement in BTC as an endorsement. 

He stated that he remains unconvinced about the cryptocurrency. At the same time, Faber added that bitcoin could become “the standard for money transactions.”

Avid followers know Marc Faber as a cautious investor who tends to minimize investment risks. He is mostly known for predicting the 1987 stock market crash, also known as Black Monday. 

The accurate prediction earned him a lot of credits from his followers. He continued to be a central bank critic and blamed their monetary policies for every economic downturn.

Source, News BTC

Wednesday, March 27, 2019

Renowned Swiss Investor Marc Faber Finally Bought Bitcoin

Marc Faber, a renowned Swiss investor and publisher of the Gloom Boom & Doom Report newsletter, has finally bought into the world’s #1 cryptocurrency, Bitcoin (BTC), according to an interview with Germany’s Cash, a prominent financial news outlet.

Faber’s Bitcoin investment is a big deal, as the savvy investor is ranked among the top investors in the world along with Warren Buffet. However, unlike Buffet, who is notorious for bad-mouthing Bitcoin, Faber has long been intrigued by the revolutionary cryptocurrency.

Marc Faber, a Famously Skeptical Investor

Faber is typically pessimistic about the outlook for financial markets and a devoted critic of central banks, whose monetary policies he believes are leading up to another financial recession. He is even dubbed “Dr. Doom” by the press for his skeptical and pessimistic outlook on markets.

With this outlook, Faber is famous for buying depressed assets which he considers are undervalued. This is the reason he finally took the plunge and bought his first chunk of Bitcoin, as the nascent asset class has lost near 80% of its value since its highs of late 2017.

Per the interview, which was held on March 8, Faber noted that he has always been interested in the developments of Bitcoin because of its comparison to gold or commodities.

However, he mentioned that up until 10 days ago he had been cautious and skeptical of it… counting back 10 days, this means he bought Bitcoin on or around February 27, 2019. According to Faber, Bitcoin reached an attractive price point compared to its $20,000 highs, which motivated him to take the plunge and invest.
Is the Bitcoin Bear Market Nearing Its End?

Faber isn’t the only big-time investor getting into crypto now.

For instance, Fidelity Digital Assets has opened its doors to select institutional clients that can now buy Bitcoin.

Twitter’s Jack Dorsey has been loading up on Bitcoin and Bitcoin miners in China are preparing for a bull run. There is so much bullish news happening, and the mentions here don’t even scratch the surface.

So is the Bitcoin bear market finally coming to an end?

Nobody knows for sure, and Faber isn’t making any calls either. However, he was quoted saying:

“It’s not certain, but possible, that Bitcoin will be the standard for money transfers.”

Friday, March 22, 2019

Marc Faber: Huge Asset Bubble Will Be Deflated

Legendary contrarian investor Dr. Marc Faber warns, “When I started to work in 1970 on Wall Street, the stock market capitalization of the U.S. as a percentage of GDP was between 25% and 30%. 

Now, the stock market capitalization alone is 150% of GDP, and when you add the bonds to it, we are at 300%. It’s a huge asset bubble compared to the real economy. 

I think no matter what they do, this asset bubble will be deflated, and it will be very painful. 

The asset holders are the powerful ones here, and they don’t want it deflated.

The question is would it have been better economically to go into the hospital in 2008/2009 and clean up the system rather than to essentially inject the sick patient with more opioids to keep him alive? 

It’s going to get much worse the next time it happens.”

- Source, USA Watchdog

Thursday, March 14, 2019

Marc Faber on the Fed, Stocks, and GOLD

Everyone wants to know whether this stock market sell-off is a buying opportunity or the first move in a long-term downtrend. 

Swiss investor Marc Faber joins Silver Doctors with a word of caution. 

Faber doubts the majority of stocks will make new highs. In the next two years, many investors will not make money in equities, he says. 

The Fed will likely try to prop up the market through more accommodative monetary policy. 

He sees a possible rolling out of quantitative easing and a halt to rate raising. At that point, the Dollar will weaken.

Friday, February 8, 2019

Marc Faber: I Am My Own Central Banker

Everyone always says, I want to buy low and I want to sell high. So I think for me, of course I own a lot of gold, and I need to buy more to keep asset allocation between 25% in Real Estate, 25% in equities, 25% cash and bonds, and 25% gold. 

I need to buy more. So for me this is a very happy event. I don’t like to buy gold at $1,900 like in 2011. I like to buy it here or lower.

Gold Broker: Do you think it will break under $1,000 like some people say?

Marc Faber: Look. The forecasting record of people is horrible, in particular, the forecasting record of the Federal Reserve. So, I don’t know, maybe it will go below $1,000 but my sense is that it will not stay below $1,000. 

I would use the current weakness as a buying opportunity. I’m telling everybody, you as an investor, and me as an investor, we cannot trust the government.

I am my own central banker. I keep my own physical gold. I do not trust anyone of these (unprintable word).

- Source, Money Talks

Friday, February 1, 2019

Marc Faber: Stocks, Gold, Crypto, Petroyuan, New Silk Road and World War

Renown Swiss investor and publisher of "The Gloom, Boom and Doom Report" Dr. Marc Faber discusses the global markets, housing and bond bubbles, central bank manipulation, gold, Trump, the petroyuan, the New Silk Road and what a potential conflict between the U.S. and China might look like as old empires die and new ones are born.

- Source, Geopolitics & Empire