Famed Swiss investor, analyst and, until recently, crypto skeptic Marc Faber, 73, has bought his first bitcoin in another sign the old guard of investments is warming to crypto.

Speaking to German finance website Cash, Faber revealed he recently bought bitcoin for the first time to learn more about cryptocurrencies and following some persistent and high-profile badgering.

Gloom, Boom and Doom

His normally pessimistic market outlook earned him the nickname “Dr. Doom.” Faber, with a net worth reportedly around $25 billion, famously predicted the crash of 1987. He pens the Gloom, Boom and Doom monthly market report.


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Younger readers of the newsletter, plus a “one-hour talk” with Wence Casares, CEO of Xapo, convinced Faber to take the plunge and buy bitcoin.

It’s a sign younger, clued-up investors who place more trust in crypto than traditional markets, are gradually asserting their influence on the old guard.

But Faber is not the only billionaire investor to be linked to crypto. Warren Buffett, 88, who famously called Bitcoin “rat poison squared” last year is also warming to blockchain.

Speaking on CNBC’s Squawk Box, he has praised blockchain, despite admitting he doesn’t fully understand it:

It’s a very ingenious thing to figure out how to have a limited supply and make it harder and more expensive to create. This is explained to me by people a lot smarter than I am.

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