- Howard Marks, an American investor and author, released an investor memo revealing that his son owns “a meaningful amount” of bitcoin
- Marks noted that he used to be critical of cryptocurrency back in 2017 when the digital asset witnessed a bullish run in the market
- The billionaire’s evolved view has been received well within the crypto industry
Howard Marks implies that he is turning into the most recent Bitcoin supporter, having changed his opinion from being critical of cryptocurrencies, through a novel memo addressed to investors of Oaktree Capital.
Marks Used To Be Highly Skeptical of Bitcoin
In his most recent financial specialist update released on January 11, 2020, Marks, who is co-founder and co-chairman of the $140 billion Oaktree Capital Group, noticed that while he was incredulous of Bitcoin during its 2017 bull run, his son had “fortunately” purchased the cryptocurrency.
Marks mentioned that the characteristic state for the probable financial investor is one of distrust, attributing this preconceived notion as the default response. He said that being profoundly questionable when investors hear the phrase ‘this time it will be different” associated with crypto is natural, considering the highly speculative background marked by theoretical lunacies and monetary advancements that have left behind a significant amount of “carnage”. It is this distrust that reduces the investor’s likelihood of losing money.
One Should Research Before Investing
Revisiting his statements recorded in the 2017 memo “There They Go Again… Again”, Marks stressed upon a section written solely on cryptocurrencies, which he had approached with excessive scepticism. This was a major topic of numerous discussions between him and his son, Andrew, who has been comparatively positive about Bitcoin and thankfully made the decision to invest in the digital asset.
In recent months, Bitcoin’s benefits have experienced a striking U-turn. According to a report in the Cointelegraph, figures from financial specialists to banks have tested their bearish visualizations on the digital currency, some having provided guarantees, promising to open their portfolios to incorporate it.
However, without making a comparative comment, Marks acknowledged the need to analyze cryptographic money and survey its latent capacity at any rate. He proposed that the idea of development is driven with the motive to have initial faith in something that may not seem as viable to others in the long run.
His comments were received positively across the crypto industry, some even suggesting that these remarks could lead Warren Buffett to consider investing in cryptocurrency.
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