Howard Marks Changed His Mind About Bitcoin

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Billionaire Howard Marks seems to have changed his mind about Bitcoin, saying that an investor should be skeptical. Marks explained that Bitcoin is better than the currencies of developing countries.

Oaktree Group co-founder Marks spoke to The Korea Economic Daily. The billionaire said his early reaction to Bitcoin was impulsive and ignorant. Stating that this is not a good behavior, the investor said, “Now I saw how much I don’t know. So you shouldn’t talk about things you don’t know. ” said.

I didn’t care in 2017

Howard Marks stated in 2017 that he does not believe Bitcoin has an intrinsic value. “BTC, which was $ 5,000 at the time, has now risen to $ 50,000,” says Marks. Those who bought at that price were right. ” made his comment.

Referring to assets such as gold and diamonds on this subject, Marx said, “People can value things that have no intrinsic value.” said.

He praised Bitcoin in some ways

The billionaire mentioned that it is possible to make transactions with Bitcoin 24/7. He added that the state cannot follow these transactions and that the money is unlikely to be stolen. Noting that its price has risen with its limited supply and increasing demand, Marks said, “Bitcoin is better than the currencies of developing countries.” said.

He got Bitcoin thanks to his son

Howard Marks, in a note he shared in January, announced that his son Andrew owns a significant amount of Bitcoin and other cryptocurrencies thanks to his positive approach to cryptocurrencies. In the note, it was written that Howard Marks skepticism did not help him and he wanted to learn all about cryptocurrencies.