Cryptocurrency

Swiss Investor Marc Faber Purchased Bitcoin to Better Understand How it Works


Marc Faber, a recognized Swiss investor how has been against Bitcoin (BTC), has decided to give the digital currency a try. Although he had a pessimistic view on Bitcoin, he has also been against Central Banks and how they handle monetary policy. This time he has decided to purchase Bitcoin and understand how the digital asset works.

Marc Faber Purchase Bitcoin

During an interview with the Cash website a few days ago, Marc Faber admitted that he purchased Bitcoin to study and understand the asset in a better way. The investor is also called “Dr. Doom” for correctly forecasting the stock market collapse in 1987.

Mr. Faber did not inform how much Bitcoin he purchased but he said that it is more attractive to buy the asset at $3,000 rather than at $20,000, as it was traded at the end of 2017. Additionally, he decided to buy Bitcoin after a conversation with Xapo CEO, Wences Casares.

The other economist that is known as “Dr. Doom” is Nouriel Roubini. He received this nickname after predicting the financial crisis in 2008. Roubini is also a Bitcoin sceptic and has been always against the digital asset. Back in 2018, he talked before the US Senate against virtual currencies and blockchain technology. Moreover, he had an argument with Vitalik Buterin, the co-founder of Ethereum (ETH), the second largest digital currency.

About his interest in Bitcoin, Faber said:

“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.”

Bitcoin has been operating in a bear trend since the end of 2017. At that time, Bitcoin reached $20,000 and then it dropped down to $3,200 a few months ago. Now, the most valuable virtual currency is trying to recover part of the price it lost.

Faber has also criticized central banks and their decision to print money according to the political situation.

“When you print money, the money does not flow evenly into the economic system,” he explained. “It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do-people. It does not go to the worker.”

Bitcoin is currently being traded around $3,950 and it has a market capitalization of $68 billion. Compared to fiat currencies, Bitcoin is a deflationary asset that is not controlled by any central authority.





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