Well-known investor Marc Faber makes first crypto purchase

Getting your Trinity Audio player ready...

There are all cryptocurrency enthusiasts and proponents all over the world that have paid close attention to what financial executives and influencers have said about blockchain and/or cryptocurrency. While there have been some high-profile individuals in the finance world that have continued to bash cryptocurrencies like Bitcoin Core (BTC), some have eventually changed their tune.

One legendary investor that has been notoriously skeptical of crypto is none other than Marc Faber, a Swiss investor who is currently based in Thailand. He is involved with many different investment funds, serving as either director, advisor, and/or shareholder. It appears as though his opinion on crypto might finally be changing.

Faber has actually purchased BTC for the first time, and admitted that he was previously considering purchasing the digital asset. However, the stock market expert—like many disciplined investors, admitted that he did not want to invest in something that he didn’t have much information about. He specifically stated: “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.”

https://twitter.com/lucas_lclc/status/1104021713505996800

If you are wondering Faber bought, it was not too long ago—in late February 2019. He elaborated that purchasing at around $3,000 seemed like an attractive entry, considering that BTC was worth almost $20,000 at its all-time high. Faber is well-known for urging clients to exit the stock market before the infamous 1987 stock market crash.

Faber made it clear that he did not necessarily believe in crypto in the long-term, and urged others not to invest “more than they could afford to lose.” However, unlike other well-known economists, such as Nouriel Roubini, who have gone out of their way to bash cryptocurrency in general, Faber allowed for the possibility that crypto could “become the standard” for financial transactions.

Many who follow Faber categorize him as a cautious investor, so this move certainly seems aligned with his principles. Interestingly enough, he refused to elaborate on how many crypto he chose to purchase. Faber is also known for purchasing commodities often instead of cash, and has said before that “holding cash is stupid.”

It’s worth noting that Bitcoin—now reborn as Bitcoin SV (BSV)—is built to be the world’s new money, not just a speculative investment. BSV is built to scale as has been proven with its recent sustained 128MB scaling test and provide a stable and secure protocol enterprises can build on it with confidence. Unlike BTC, which has proven in 2017 that it has no plan for a future of higher transaction volumes, BSV is demonstrating that it’s ready for whatever may come in the future.

https://youtu.be/gBb9FSxfyVs