Marc Faber Buys Bitcoin for the First Time

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Thailand based Swiss Investor, Marc Faber bought his first Bitcoin after admitting that he was very wrong about cryptocurrencies and blockchain technology. His premier interest of investment is emerging and frontier markets. One of the reasons he is highly regarded among many low lying billionaire investors is his knack for almost perfect market prediction trends, and his equally quick persona of admitting when his opinion was wrong. For example, in 1987, he advised his clients to get out of the market just before the Black Monday crash, saving them millions in investments. His favorite quote in his risky business in oil, gold and emerging commodities is ‘I know that I am intelligent because I know that I know nothing.

The 73 year old seasoned investor in a recent interview divulged that he purchased Bitcoin for the first time in late February since its inception. In his opinion, though his investment has been a long time coming, he trusts the cryptocurrency now more than when it had hit incredible heights of $20,000 then fell by almost 85%. He deems the cryptocurrency sector to be stabilizing now and will get better in time with the advancement in adoption and regulation.

He also stated that apart from his son, subscribers of his newsletter Gloom, Boom & Doom Report also in their feedback urged him repeatedly to invest in blockchain and crypto. His further interaction with Xapo CEO, Wences Cesares also changed his mind and he finally bought an undisclosed amount of Bitcoin.

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His reluctance to invest and previous bearish attitude towards cryptocurrencies can be attributed to his old school financial track record and experience, and the traditional rationale towards digital money where it was likened to a passing fad. Although he is careful with his investment saying that one should invest only as much as he is prepared to lose, he did opine that Bitcoin or other cryptocurrencies and blockchain would eventually become the standard for future money transfers.

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