Marc Faber, a renowned Swiss investor and publisher of the Gloom Boom & Doom Report newsletter, has finally bought into the world’s #1 cryptocurrency, Bitcoin (BTC), according to an interview with Germany’s Cash, a prominent financial news outlet.
Faber’s Bitcoin investment is a big deal, as the savvy investor is ranked among the top investors in the world along with Warren Buffet. However, unlike Buffet, who is notorious for bad-mouthing Bitcoin, Faber has long been intrigued by the revolutionary cryptocurrency.
Marc Faber, a Famously Skeptical Investor
Faber is typically pessimistic about the outlook for financial markets and a devoted critic of central banks, whose monetary policies he believes are leading up to another financial recession. He is even dubbed “Dr. Doom” by the press for his skeptical and pessimistic outlook on markets.
With this outlook, Faber is famous for buying depressed assets which he considers are undervalued. This is the reason he finally took the plunge and bought his first chunk of Bitcoin, as the nascent asset class has lost near 80% of its value since its highs of late 2017.
Per the interview, which was held on March 8, Faber noted that he has always been interested in the developments of Bitcoin because of its comparison to gold or commodities.
However, he mentioned that up until 10 days ago he had been cautious and skeptical of it… counting back 10 days, this means he bought Bitcoin on or around February 27, 2019. According to Faber, Bitcoin reached an attractive price point compared to its $20,000 highs, which motivated him to take the plunge and invest.
Is the Bitcoin Bear Market Nearing Its End?
Faber isn’t the only big-time investor getting into crypto now.
For instance, Fidelity Digital Assets has opened its doors to select institutional clients that can now buy Bitcoin.
Twitter’s Jack Dorsey has been loading up on Bitcoin and Bitcoin miners in China are preparing for a bull run. There is so much bullish news happening, and the mentions here don’t even scratch the surface.
So is the Bitcoin bear market finally coming to an end?
Nobody knows for sure, and Faber isn’t making any calls either. However, he was quoted saying:
“It’s not certain, but possible, that Bitcoin will be the standard for money transfers.”
Do you think Bitcoin has bottomed and the bear market is over? Have you been accumulating Bitcoin or are you waiting for lower prices? Let us know in the comment section below.