Tuesday, June 25, 2019

Marc Faber, 73-Year-Old Swiss Investor Buys Bitcoin for the First Time

While it may seem that only the youths are actively engaged in cryptocurrency investments, Marc Faber, a 73-year-old stock market analyst will make you think otherwise. The former cryptocurrency skeptic on March 8 revealed that he purchased Bitcoin for the first time on February 26, according to his interview with Cash.

Marc Faber Makes First Time Bitcoin Purchase

Based on the interview, Marc Faber stated that he had recently purchased Bitcoin for the first time in his life. The Swiss investor is reputably known as Dr. Doom or crash prophet for his prediction of the stock market crash of 1987. He also manages Marc Faber Ltd. where he acts as an investment advisor as well as a fund manager.

More light into the nature of his recent dip into the cryptocurrency market reveals that he saw reasons to buy Bitcoin after a chat with Wences Casares, CEO of Xapo and Paypal board member. According to the investor, the one-hour long conversation influenced his decision to buy and he is also interested in learning about cryptocurrencies.

Youths Had also Encouraged Faber to Buy Bitcoin

Faber also stated that prior to this time, the youths who are readers of his
Gloom Boom & Doom Report newsletter had also encouraged him to invest in cryptocurrencies. However, it appears that he had found no need to do so until this time.

Asides making the purchase whose amount is undisclosed, the entrepreneur also outlined that there is a possibility for Bitcoin to become the standard for transferring money even though it is not a certainty. He also said the asset may have devalued to the $3,000 price level from its all-time high of $20,000 in December 2017, but it looks better from a technical perspective.

Many Have Had a Change of Heart About Bitcoin

Of recent, a lot of people have had a change of heart about Bitcoin and generally, cryptocurrencies. For starters, Jamie Domin, the former CEO of JPMorgan stated in 2015 that Bitcoin will not survive. He also said the virtual asset will cease to exist five years from the day he had made his statement. Nonetheless, the same financial institution is about to launch its own cryptocurrency.

BTCNN on March 11 also informed that Niall Ferguson, a British economic and financial historian has a different percept about Bitcoin. Ferguson recently admitted that he was wrong to think that Bitcoin will be a delusion in the near future and that it is a foolish financial investment.

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