M Faber is yet another clueless old-world Warren Buffet type who does not understand the bottom-line technology behind the protocol - and, by extension does not perceive the disruptive impact it will have upon the payment processing business. The Bitcoin protocol technology and derivatives will all but eliminate the yearly $1.5 trillion dollar transaction fee "business". That's 1.5 trillion reasons right there why this guy is wrong.
It's ironic that only now is he throwing his opinion into the ring when Bitcoin is in the greatest hot pan it likely has ever been. Cowardice as usual.
These guys have a lot in stake to keep the old money system going unthreatened by anything.
Of course Bitcoin would be worthless in the event of a total system failure. That's a totally coherent observation. The relevant response is that 1) Bitcoin has a multi-billion dollar target on it's back, and has weathered every attack thus far. 2) Rather than be dogmatic, let's put some energy into strengthening the protocol to make such a crash further unlikely. One cool idea:
http://www.coindesk.com/core-developer-bitcoin-node-space/