Saturday, November 30, 2013
Faber : Bitcoin surge due to Excess Liquidity
Marc Faber, editor and publisher of The Gloom, Boom & Doom Report, told CNBC on Friday that the same easy money policies affecting stock and bond prices drive speculative on the controversial digital currency bitcoin, which crossed the $1,200 briefly Friday morning.
"If a symptom of excess liquidity goes into bitcoins, it can go into paintings, farmland, diamonds, all at different times," Faber said on "Squawk Box.""I have no idea whether a bitcoin is worth $10,000, a million dollars, or $50," Faber said. "It shows that there is a lot of liquidity that just flushes into one speculative sector of the market to another one."
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.