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Bitcoin News - Dr. Doom Actually Buys Bitcoin, Says BTC May Be Standard of Money in Future

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💰⌛Marc Faber, a renowned Swiss investor, has shared that he has bought a bit of Bitcoin, saying his attitude towards BTC has begun to change
Dr. Doom Actually Buys Bitcoin, Says BTC May Be Standard of Money in Future
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Marc Faber is also known as Dr. Doom or the Cash Prophet. He is widely famous for his pessimistic stance regarding the market of traditional financial tools and criticizing central banks along with their monetary policy. Overall, he has been a great sceptic regarding crypto and Bitcoin in particular.

However, the other day in an interview, he admitted to having bought some BTC to study this asset closer.

Marc Faber

Marc Faber reverses his opinion on BTC

Faber currently lives in Thailand, though originally was born in Switzerland. For his long 40-year career as an investor he has been called Dr. Doom – back in 1987 he made the right forecast of the stock market collapse. Following Faber’s advice, his customers managed to save their money.

Now, he says in an interview with the Cash website, he is prepared to give Bitcoin a try after many years of scepticism.

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“I would have bought Bitcoin earlier”

Faber has not disclosed how much Bitcoin he has purchased, but admitted that BTC is much better to buy at $3,000 than at $17,000 as it was in late 2017.

Throughout the month, BTC has risen from $3,400 to $3,800, which Faber took as a good sign. He admitted that he would have bought Bitcoin even earlier but decided not to since he did not understand the technology it was based on.

He also mentioned that he finally decided to dip his toes into Bitcoin after a talk with Xapo CEO Wences Casares, which lasted about an hour.

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Dr. Doom vs Dr. Doom

The modern financial industry is aware of two major figures nicknamed ‘Dr Doom’. The other one is prominent US economist Nouriel Roubini. He is a major Bitcoin sceptic and critic.

In autumn 2018, he even made a fiery speech before the US Senate against crypto and blockchain. He got his Dr. Doom nickname after predicting the financial crisis of 2008.

Prior to that, Roubini initiated a heated argument with Vitalik Buterin on Twitter, as reported by U.Today.

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Jack Thomas

Bitcoin News - LTC, BNB, TRX, and Others Can Make This a True Altcoin Season — How Can Bitcoin React?

☀️📈Since the Crypto Winter started thawing, all the main action has come from altcoins, and now a few are breaking key moving averages
LTC, BNB, TRX, and Others Can Make This a True Altcoin Season — How Can Bitcoin React?
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While the cryptocurrency market may not be fully bullish and breaking new records in terms of gains and growth, one thing that seems to be apparent is that the total bear market is starting to draw to a close. There has been a lot more positive sentiment in the past few weeks and months.

A lot of this has had to do with a few altcoins putting on good performances in the market. Thanks to positive news with a number of top 20 coin projects, their own token value has been rising – as well as importantly staying up.

Now, there is technical analysis that suggests that coins like Litecoin, Tron and Binance Coin, as well as lesser-known Maker, are trading above their 200-day moving averages, a development typically considered a sign of a healthy market.

This is good news across the board, but what is interesting to keep an eye on is whether Bitcoin will manage to keep up, outdo the altcoins, or potentially start falling behind, enforcing a true altcoin season.

Making a move

Of the top 20 largest cryptocurrencies by market capitalization as per CoinMarketCap, both the BTC and USD pairs of Litecoin, Binance Coin, Tron, and Maker are currently trading above their respective 200-day moving averages.

A moving average is simply an ongoing calculation of the closing prices of an asset over a specified period of time, but is also a tool traders use to gauge the asset’s trend direction as well as support and resistance levels.

These positive moves by top ranked cryptocurrencies are thus reinforcing the notion that the cryptocurrency market is heading towards spring again.

However, Bitcoin, as the head and the mover of the cryptocurrency market, is still trading below its own 200-day moving average, which could also be a reason why people are skeptical of flooding back into the market.

Altcoin season?

While Bitcoin has often been the catalyst and mover of the direction of the markets – and still predominantly is today – there have been times where the remainder of the coins take charge of the direction of things.

It is still early in the supposed Crypto Spring, but with altcoins making the biggest movements and helping prop up the market, one could assume that the market is heading for another altcoin season.

The last one was seen soon after Bitcoin’s All Time High as the remaining coins caught the tailwind of that astronomical growth, but things could well be reversed here if a few more major altcoins catch up and can cross their own 200-day moving averages.

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