In 2019, Marc Faber, the Swiss billionaire, acquired bitcoins at a modest price of $3800. So far, there is no information to suggest that he has sold his position. Does he still hold his precious bitcoins (BTC)?
Buying Bitcoin (BTC) at $3800
In March 2019, Marc Faber surprised everyone by announcing his first bitcoin purchase. After years of observing and criticizing, he finally succumbed to the price movements of Bitcoin (BTC) in 2019.
During a interview with Cash in 2019he shared that his young readers often encouraged him to invest.
” The first time I was told to do this Bitcoin was at $2000. Next time I was told this again, Bitcoin (BTC) was around $8000. Then, it jumped to $19,000 in December 2017. After that, it steadily decreased to $3,100 in December 2018 “, he explained during the interview.
In the end, it’s a discussion with Wences Casares which was decisive in his choice. The latter informed him of the possibility that the value of bitcoin (BTC) could reach $100,000 or even $1 million. However, what convinced him the most was the blockchain technology underpinning bitcoin.
” Personally, I believe less in Bitcoin (BTC), but more in blockchain technologies, …And I believe that new technologies can destroy the current banking system, including central banks “, he added.
This choice reflects Faber’s investment philosophy, which favors assets outside the traditional banking system. This approach joins the ideas of the crypto community, which also seeks to escape conventional monetary policies.
Does he still hold his BTC?
It is quite possible that he still owns the bitcoins (BTC) he acquired in 2019. Since this announcement, the Swiss billionaire did not communicate publicly on his position in BTC.
Looking at the BTC chart on TradingViewone can observe that Marc Faber’s BTC wallet is currently reportedly up 660%. During the interview with Cash, he did not specify the exact amount of bitcoins he had purchased.
However, it is certain that Faber is among the investors who have shown the best timing. Indeed, his sense of timing proved to be exceptional, as the price of bitcoin (BTC) has never fallen below its purchase price (about $3800).
What if the predictions of Casares, CEO of Xapo, turn out to be correct, with Bitcoin (BTC) reaching $1 million? Only the future will tell us.
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