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

  • Yuri Molchan
    📰 News

    💰⌛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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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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