Howard Marks, co-founder of Oaktree Capital, warms up on cryptocurrency. Once a cryptoskeptic, he now says “grateful”, his son is “quite positive about Bitcoin” and “owns a significant amount for our family”.
Howard Marks warming up on Crypto
Howard Marks, co-founder and co-chair of Oaktree Capital Management, spoke about Bitcoin in a memo published this week. He spoke about investment strategies with his son Andrew, a professional investor focused on growth and technology companies.
In one section of the memo, Marks admitted that he had “a high level of skepticism” about cryptocurrencies. The co-founder of Oaktree Capital Management stated:
This view has been a source of much discussion for myself and Andrew, who is very positive about Bitcoin and a few others, and who thankfully has a significant contribution to our family.
“In the case of cryptocurrencies, I’ve probably allowed my pattern recognition around financial innovation and speculative market behavior – along with my natural conservatism – to spawn my skeptical position,” he said. “These things have kept Oaktree and me out of trouble many times, but they probably don’t help me innovate.”
Marks continued: “I have come to the conclusion (with Andrews help) that I am not yet sufficiently informed to have a solid overview of cryptocurrencies. In a spirit of openness, I try to learn. “He directed all questions and comments about cryptocurrency and bitcoin to his son.
The CEO of Oaktree Capital isn’t the only one who recently softened his view on Bitcoin. Earlier this month, economist David Rosenberg pleaded for “ignorance of Bitcoin” and admitted that the cryptocurrency had exceeded his expectations. In November, Ray Dalio, founder of Bridgewater Associates, admitted that he may have been wrong about Bitcoin and has since gained a better understanding of the cryptocurrency.
What do you think of Howard Mark’s view of Bitcoin? Let us know in the comments below.
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