$ 34,000 Bitcoin (BTC) may have received a new convert after billionaire Howard Marks admitted he had to change his “skeptical view”.
In his latest investor memo, dated Jan. 11, Marks, co-chair and co-founder of the $ 140 billion Oaktree Capital Group, noted that his son had bought Bitcoin “gratefully” despite being critical of Bitcoin during his 2017 bull run in the .
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“In 2017 my memo ‘There They Go Again … Again’ had a section on cryptocurrencies where I expressed a great deal of skepticism. This view has been the subject of much discussion on Bitcoin for myself and Andrew, who is quite positive and several others, and fortunately has a significant amount for our family, “the memo says.
“Although the story is far from being completely written, I can at least say that my skeptical view has not been confirmed so far.”
The past few months have seen a turnaround for Bitcoin’s earnings. As Cointelegraph reported, numbers from investors to banks have challenged their bearish predictions regarding the cryptocurrency. Some have even pledged to disclose their portfolios to include them.
Marks made no similar commitment, but accepted the need to at least study cryptocurrency and evaluate its potential.
“The nature of innovation in general is such that few initially believe in something that seems absurd compared to the ingrained status quo,” he wrote.
“When innovations work, what seemed insane at first doesn’t become consensus later. Without real knowledge of what is going on and trying to fully understand the positive case, it’s impossible to have a sufficiently informed point of view to have to justify the refusal many of us show in the face of innovation. ”
Warren Buffett next?
The reactions to Marks, however, have been more than positive, as he was previously known as a staunch Bitcoin critic.
“Really great to see billionaire Howard Marks speak so positively about #Bitcoin!” Preston Pysh of the investor’s podcast network tweeted in response to the memo.
Investment guru Lyn Alden, herself a public advocate of Bitcoin, even suggested that Mark’s shift in attitude would lead loyal critic Warren Buffett to cryptocurrency.
In 2021, Bitcoin’s remaining outspoken bears will remain in a rapidly declining minority. Still among them is the gold bug Peter Schiff, whose complete dismissal from Bitcoin continues to generate outrage on social media and beyond.
“Very few institutional investors buy #Bitcoin,” he told Monda.
“It’s just that the few who buy are very vocal about their positions. They have to persuade others to buy in order to raise the price so they can sell. The financial media also gives them a platform to sell through their books speak.”
Tyler Winklevoss, co-founder of Exchange Gemini, later called Schiff’s words “completely wrong”.