Would You Buy Bitcoin To Know How It Works?

By Sumedha Bose

With Bitcoin’s growing popularity, it seems only justified that more and more people start showing genuine interest in the cryptocurrency. Even though the market has been witnessing a slump, Bitcoin is not running out of steam anytime soon.

Now the question we are asking you is, would you buy the cryptocurrency just to figure out how it actually works? Turns out, if you are a Swiss Millionaire, you just might.

Marc Faber, a prominent Swiss investor who hasn’t been the greatest fan of Bitcoin (BTC), has decided to give the currency a shot. Which is why he has decided to purchase Bitcoins as an indicator of his now accepting approach towards it.

Having initially possessed a negative view towards cryptocurrencies, he has now started singing a different tune.  Allegedly, Faber disagrees with how Central Banks are handling the various monetary policies.

He wants to give Bitcoin a try because he wants to understand what the concept of a digital currency is and how it exactly functions.

In an interview with the Cash website a few days ago, Faber admitted to having bought Bitcoins to study them further.

He however did not reveal the amount of Bitcoins that he actually bought. Although he sure is glad that he had to buy them at $3,000 and not $20,000 as it was trading at the end of 2017.

He completely berated the role of Central Banks and criticized their policy of printing money. He said:

“When you print money, the money does not flow evenly into the economic system,” he explained. “It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do-people. It does not go to the worker.”

While this entire practice of buying a Bitcoin just to study it might sound a little bizarre, it did actually happen. About his interest in Bitcoin, Faber said:

“I was tempted to purchase Bitcoin when it was available for $200. But I held myself from purchasing something that I didn’t fully understand.”

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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