The recognized and legendary investor Marc Faber, decided to purchase Bitcoin (BTC) even after being a skeptic about the digital asset. During an interview with Cash, the investor mentioned that he bought Bitcoin at the end of February. Faber is also the most well-known Swiss financial market expert and he predicted the Stock Market Crash in 1987.
Marc Faber Purchases Bitcoin to Learn About it
Mr. Faber is one of the latest investors that decided to purchase Bitcoin and understand how the most popular digital asset in the market works. He mentioned that Bitcoin seemed a better investment at $3,000 than when it was traded close to $20,000.
About his interest in Bitcoin, Faber confesed:
“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 in a bear trend that started back at the beginning of 2018. Most of the virtual currencies plummetted more than 80% and reach new lows in more than a year. During a long period of time, Bitcoin was able to be traded close to $6,000, however, Bitcoin fell under that value on November 2018.
It is worth mentioning that Faber is not endorsing Bitcoin with his involvement in the space. He stated that he is not convinced about the most popular digital currency. He has also noted that Bitcoin could eventually become the “standard for money transactions.”
Faber has also been attacking central banks accusing them of being involved in several economic crises. Furthermore, he warned his followers to remain cautious about investing in the digital currency space and invest what they can afford to lose. Nonetheless, he did not provide information about how many Bitcoins he purchased.
Faber has also criticized money printing by central banks. It is worth mentioning that Bitcoin has a fixed supply and there will never be more than 21 million BTC.
Marc Faber commented about printing money:
“When you print money, the money does not flow evenly into the economic system. 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 could be a good way to remain far from mainstream policies such as money printing and debt. The United States and other countries are increasing their debt ratio to GDP and some nations such as Venezuela or Argentina are registering inflationary records.