Howard Marks, a well-known crypto critic, has now also been converted, as he explained in a message to Oaktree Capital investors.
Bitcoin ( BTC ) is currently at $ 34,000 and it may have gained a new fan. Billionaire investor Howard Marks admitted he needed to change his „skeptical view“.
In his last notice to investors on Jan. 11, Marks, the co-chair and co-founder of Oaktree Capital Group, said that while he was critical of Bitcoin during the 2017 bull run, his son was „luckily“ shopping.
Marks on Crypto: Do Your Research
„Back in 2017, my memo ‚There They Go Again … Again‘ had a section on cryptocurrencies in which I expressed a lot of skepticism. Andrew and I have argued about this view a lot, Bitcoin and some others right positive and fortunately owns a considerable amount for our family, ”the memo says.
„The story is far from over, but the least I can say is that my skeptical view has not been confirmed to this day.“
The past few months have seen notable U-turns in the virtues of Bitcoin. As Cointelegraph reported , investors and banks have questioned their pessimistic projections about the cryptocurrency . Some have even promised to expand their portfolios to include them.
Marks did not promise that, but admitted that he at least wanted to look at cryptocurrencies and evaluate their potential.
„Most of the time, few people believe in innovations because they seem absurd compared to the deeply rooted status quo,“ he wrote.
„When innovations work, what seemed crazy at first becomes consensus later. If you don’t really know what is going on and if you don’t try to fully understand the positive arguments, it’s impossible to come up with a sufficiently informed opinion to justify the rejection many of us have towards innovation. “
Warren Buffett next?
The reactions to Marks have nonetheless been more than benevolent, given his previous reputation as a rigid Bitcoin objector.
„It’s really great to see billionaire Howard Marks talking so positively about #Bitcoin,“ said Preston Pysh of The Investor’s Podcast Network in response to the memo on Twitter .
The investment expert Lyn Alden, who herself publicly advocates Bitcoin, even believes that Mark’s change of course will also bring the well-known crypto critic Warren Buffett closer to cryptocurrencies .
In 2021, the Bitcoin bears are rapidly getting fewer and fewer. Among them is still the gold advocate Peter Schiff, who continues to cause outrage on social media and beyond with his open rejection of Bitcoin.
„Very few institutional investors are buying #Bitcoin,“ he claimed on Monday .