Dr Doom Marc Faber: “Bitcoin Will Appreciate Against the US dollar”

0

Last Updated on 3 October 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
View all posts

Excuse us for turning dark, but even though we still believe the only way is up for Bitcoin (now trading at $10,500) at this point, we must open the floor for other views as well. One that has hit the headlines recently is Marc Faber, known in worldwide stock markets as Dr Doom .

No, this does not mean he played alongside Jessica Alba in the Fantastic Four, but simply that he is always in the news predicting the next catastrophe.

In his Gloom and Doom report for October, Faber predicts sharp falls for most asset classes in the weeks and months to come. This comes after an August prediction (at a point when Bitcoin was trading at $12k) during which he stated that he was feeling most gloomy about the US dollar.

Advertentie.

India Times

In the influential India Times, the known Swiss market commentator stated at the time that he is bearish on the US dollar, which he believes may collapse against gold, silver, platinum and even bitcoin.

However, this time round Mr Faber, who earned global fame advising his customers to sell all their stocks a week before the infamous 1987 stock market crash, went a step further and claimed that US stock markets were now at risk of a serious correction as well.

YouTube video

In his October Gloom and Doom report, he stated: 

The stock market is totally decorrelated from the economy and since 2008 it has only lived on money created by central banks. Investors are on a wrecked ship, and the question today is whether we are rushing into the lifeboats now or if we are still waiting for it a bit in the hope that the captain offers a free tour.

Capital Network

As to Bitcoin and crypto, during an interview with Australian television station The Capital Network, he said about people that claim crypto is the future: 

I think they are right, there will be cryptocurrency. The question is, which villain will control the cryptocurrency?

I think Bitcoin will appreciate against the US dollar, for the same reason gold, silver and platinum will appreciate.

Just as stocks and crypto enter the darker days of October, we are eager to find out whether Dr Doom is right this time round.