Billionaire Howard Marks admits his criticism of bitcoin invalid


Howard Marks, co-founder of the investment company Oaktree Capital Group, whose fortune is estimated at $ 2.1 billion, called his negative attitude towards cryptocurrencies a mistake.

In 2017, the billionaire advised refraining from placing funds in any digital assets, as “they are not real.”

In a January 2021 memo to investors, Marx questioned the former view. According to him, he changed his opinion regarding bitcoin after discussions with his son, who has a positive attitude to cryptocurrencies.

“My skeptical views have not been confirmed,” wrote the billionaire.

The family of the co-founder of Oaktree Capital now owns a “substantial amount” of bitcoin. He clarified that his son had previously bought the cryptocurrency.

According to Marx, innovative investment tools are always skeptical.

“When new assets emerge, few believe what seems absurd compared to the deeply entrenched status quo,” the billionaire said.

Something of Value by ForkLog

Recall that in November, the founder of the world’s largest hedge fund Bridgewater Associates, Ray Dalio, admitted that he could be wrong about Bitcoin.

Subscribe to ForkLog news in Twitter!

Found a mistake in the text? Select it and press CTRL + ENTER



Avatar

Karice Dabule

Read Previous

Bitwise: “50% of financial advisors are ready to invest in cryptocurrencies”

Read Next

ECB President: “Bitcoin is a speculative asset and needs regulation”