Wealth Articles

MARC FABER IS IN: Bitcoin Blows Through $4,000!

Mar 17, 2019 | Wealth Articles

Marc Faber is a market über-bear and sound money advocate. For years, his distinct voice has been circling in the alternative media, as well as in mainstream outlets, with the same message: government budget deficit spending is lunacy, and will result in disaster. He is even nicknamed “Dr. Doom.” 
 
Faber had been critical of Bitcoin in the past but now he’s endorsed it with a Bitcoin around the end of February, when prices were hovering around $3,800 per BTC. This sort of open-mindedness typically occurs right before paradigm shifts. I remember that when bottled mineral water came out. Wall Street was convinced that NO ONE would pay for water with a price tag higher than gasoline when they can use the tap for free.
 
J.P. Morgan CEO Jamie Dimon was also a staunch critic of Bitcoin, even going so far as to call it a “fraud.” And yet, in February, J.P. Morgan became the first major bank to launch its own proprietary cryptocurrency for cross-border payments, which they’re calling “JPM Coin.”
 
First Jamie Dimon, now Marc Faber – one after another, famous billionaires are backing cryptocurrency and blockchain technology. Dr. Faber even admitted in an interview that it’s possible “that Bitcoin will be the standard for money transfers.”
 
We see Dr. Faber’s endorsement as significant because his opinion is highly respected and closely followed in the global financial community. His major accurate prediction was that of foreseeing the Black Mondaystock market crash of 1987.
 
Now that Dr. Faber is bullish on Bitcoin, it’s time to see if his long BTC position will be as successful as his past calls and investments.
 
Bitcoin still needs to prove itself on a technical level before a sustained breakout can happen. Currently BTC has found itself stuck in a range – something we have seen before, and we don’t want a repeat of what took place in 2018.
 
Bitcoin’s psychologically significant $4,000 resistance level, which has been tested on multiple occasions recently, must be broken with conviction. Otherwise, we could see another leg down, similar to last year’s breakdown to $3,000 after BTC failed to break through the $6,000 resistance level.
 
One possible factor we view as weighing on Bitcoin right now is the Chicago Board Options Exchange (CBOE)’s delays in listing Bitcoin futures. Their currently listed Bitcoin futures, XBTM19, will expire in June, and these futures are still available for trading. However, in a recent statement, the CBOE announced that they will not be adding a Bitcoin XBT futures contract for trading in March 2019.
 
This is only a delay rather than the end of the road for Bitcoin or for the future of blockchain technology. Here’s the bottom line on this – CRYPTOCURRENCIES will rally when new investing dollars come in, but not due to the existing pool of people. New investors create demand. That, in turn, jacks up the price.

Governments Have Amassed ungodly Debt Piles and Have Promised Retirees Unreasonable Amounts of Entitlements, Not In Line with Income Tax Collections. The House of Cards Is Set To Be Worse than 2008! Rising Interest Rates Can Topple The Fiat Monetary Structure, Leaving Investors with Less Than Half of Their Equity Intact!

Protect Yourself Now, By Building A Fully-Hedged Financial Fortress!

Legal Notice:
This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.Please read our full disclaimer at PureBlockchainWealth.com/disclaimer

Trending: Social Media

Facebook


Twitter

Mark Zuckerberg just gave the crypto industry the ultimate middle finger. This guy has gone from hoodie-wearing millennial social media maven to perceived security threat within the span of just a few weeks. #Marketwatch #Yahoofinance #Bloomberg #wsj

https://t.co/pbQvsww729

In the past 8 months, I've personally published 2 CRITICAL blockchain stock alerts and I'm so thrilled that many of you are looking at GREEN SCREENS! #Marketwatch #Yahoofinance #Bloomberg #wsj

https://t.co/837o3FAiAg

Facebook’s Libra project was only just announced, but the next move for Bitcoin is as clear as it has ever been. #Marketwatch #Yahoofinance #Bloomberg #wsj

https://t.co/t1hvvE5X5f

The great thing about reading the financial news every day is that sometimes you can actually see the future as it’s unfolding. @icoxinnovations

https://t.co/f2RTmuqIi8

It’s just too easy: Bitcoin has broken through the $12,500 mark like it was destined to do, but that’s just another pit stop along the way to BTC’s previous all-time high of around $20,000. #Marketwatch #Yahoofinance #Bloomberg #wsj

https://t.co/jI8aM6LIRE

Load More...

High-Priority Reading