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.”
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.