Legendary financial market analyst and BTC skeptic Marc Faber buys Bitcoin

12 Mar, 2019 | Updated: 12 Mar, 2019
by Richard Allen
Legendary financial market analyst and BTC skeptic Marc Faber buys Bitcoin

Swiss financial market expert and Bitcoin skeptic Marc Faber, who accurately predicted the stock market crash in 1987 has for the first time ever, bought Bitcoin.

Faber admitted that he’s interested in Bitcoin as it’s often likened to gold or commodities. However, he’s always been skeptical about digital money. Speaking to Cash, Faber says "I bought Bitcoin for the first time ten days ago," justifying his purchase with the fact that BTC is now trading significantly lower than it was in 2018. According to the Swiss investor, it now “looks better” than it did last year.

Readers of Faber’s “Gloom, Doom, Doom” report have been encouraging him to buy Bitcoin for years now, he explained. He finally conceded for “learning reasons,” the news outlet reports. Additionally, Faber recently sat down with millionaire entrepreneur Wence Casares, CEO of Xapo - the world’s largest Bitcoin depository and executive director at PayPal - which may have affected his decision.

Faber remains a Bitcoin skeptic, stating "It's not certain, but possible, that Bitcoin will be the standard for money transfers." As with every investment, Faber says that when trading Bitcoin, only invest what you can afford to lose.

Marc Faber has garnered a rather controversial reputation, earning him the nickname Dr. Doom or crash prophet for his pessimistic outlook on financial markets. He accurately predicted the 1987 stock market crash – Black Monday and is a frequent critic of central banks.

Read more: Roubini calls BTC 'mother and father of all bubbles', Twitter not impressed

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Read more about: Bitcoin (BTC)

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