Marc Faber, the Swiss investor, analyst and, until recently, crypto sceptic has bought Bitcoin. CCN wonders if this means the “old guard” amongst investors is finally warming to crypto.
Faber was speaking to German financial news site Cash, when he admitted he had recently bought BTC, primarily because he’d been nagged into doing it and because he wants to explore it.
Faber, who has a reported net worth of around $25 billion, famously predicted the crash of 1987, but his nickname “Dr. Doom” comes from his normally pessimistic market outlook. Indeed, he writes the Gloom, Boom and Doom monthly market report.
According to the interview, Faber was cajoled in buying Bitcoin by younger readers of the newsletter, and following a “one-hour talk” with Wence Casares, CEO of Xapo.
Faber said he bought Bitcoin around the end of February when prices were hovering around $3.8k per BTC. He believes BTC now looks better from a technical perspective. He even hinted during the interview that the outlook for Bitcoin was good: “It’s not certain, but possible, that Bitcoin will be the standard for money transfers.” Although he has been critical of crypto in the past, Faber is also highly critical of central banks and traditional monetary policy.
Faber is not the only billionaire investor to be linked to crypto. Warren Buffett, 88, who famously called Bitcoin “rat poison squared” last year is also warming to blockchain. He told CNBC’s Squawk Box, “It’s a very ingenious thing to figure out how to have a limited supply and make it harder and more expensive to create. This is explained to me by people a lot smarter than I am.”