Marc Faber: Storm Hasn’t Hit Yet, Bitcoin $4,000, Gold

Dr Doom Marc Faber Explains How to Identify Markets Fit For Investment

Marc Faber: Millennials Are SPOILED BRATS, QE4 Coming, Inflation Numbers BS

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.

GLOOM, BOOM AND DOOM

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.

INSTITUTIONAL MONEY’S ALREADY HERE

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

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