Bitcoin, the most popular cryptocurrency in the ecosystem, received another significant endorsement after Marc Faber announced that he purchased the digital currency, after criticizing it for a year.
In a recent interview with Cash, the legendary stock market expert and investor revealed he purchased his first Bitcoins earlier this year. Admitting that he bought the cryptocurrency to learn about the crypto ecosystem, the 73-year-old investor indicated that his curiosity regarding crypto assets led him to his first Bitcoin purchase.
Faber stated that he “bought bitcoin for the first time ten days ago”. Justifying his purchase, he claimed that BTC “looked better” from a technical perspective after plummeting from $20,000 to the trading range of $3,000 by the end of 2017.
Faber gave credit to Wences Casares, Xapo CEO and PayPal board member, for influencing his decision to acquire BTC as the stock market expert wanted to learn more about cryptocurrency.
In the interview, Marc Faber said,
“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. But in the last three months Bitcoin has surged 15 percent in valuation.”
Previously, Marc Faber had been skeptical of Bitcoin and cryptocurrencies in general.
In 2017, David Moadel interviewed Faber, who mentioned that he did not fully understand how much the value of Bitcoin will rise to. He suggested the value of Bitcoin might go up or down, but eventually did not know where the valuation would end.
Faber had then been uncertain about the entire cryptocurrency market. He said,
“I would suggest to my followers that they invest such an amount in Bitcoin [BTC] that they can afford to lose.”
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