Tuesday, June 25, 2019

Crash Prophet, Marc Faber Buys His First Set Of Cryptos

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

Legendary Meets The Crypto Fame

One of the legendary stock market analyst in the world and a renowned investor of all times, Marc Faber has recently made his first jump to cryptocurrencies as he bought his very first digital tokens.

According to his interview with Cash, the 73-year old investor had made his first transaction with cryptos, that happened on late February. On March 8, Faber revealed in public that he had “bought bitcoin for the first time ten days ago.”

This announcement became a shocking information for the financial market as Faber was known to be skeptical about the concept of cryptos and its other benefits before.

However, the tables may have turned since Dr. Doom or the Crash Prophet– Faber’s nickname– gave another chance on leaning towards cryptocurrency. More than this, Faber also clarified that he was already interested on buying bitcoins since its price of $200, however he was still doubtful back then if whether its a good or bad investment.

“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.

Faber’s Clarifications In The Matter

Still, Faber clarified on his interview that he does not promote any of the cryptos in the market although, according to him, the business of having cryptos nowadays ‘looked better’ than before.

Furthermore, as explained by him, investors should not see his action as a starting point of bullish market since the crypto market were still down to its system.

However, Faber encourages crypto users and investors to only invest money that they are willing to lose when it comes to dealing with cryptos. So if the market goes bearish, only a small amount is lost.

A Powerful Conversation

When asked about who pushed him to avail some of the virtual currencies, Faber shared that Xapo CEO and Paypal board member Wences Casares were the ones that guide him towards trying cryptos. As a matter of fact, their discussion lasted for more than an hour, per Faber.

Over the past years, the skeptical investor earned his fame in the financial world as his prediction of the 1987 stock market crash or most commonly known as the Black Monday happened exactly as he explained.

Aside from this, Faber was known as a non-supporter of crypto as he described this as a ‘failure‘ in the past. But now, it seemed that its all in the past.

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