Oaktree Capital co-founder Howard Marks is warming up to cryptocurrency. Once a cryptosceptic, he now says “happily” that his son is “fairly positive about bitcoin” and “owns a significant amount of money for our family.”
Howard Marks is getting heated by Crypto
Howard Marks, co-founder and co-chairman of Oaktree Capital Management, spoke about bitcoin in a memo published this week. He has discussed investment strategies with his son, Andrew, a professional investor focused on growth and technology companies.
In part of the memo, Marks admitted that he had “a high degree of skepticism” regarding cryptocurrencies. The co-founder of Oaktree Capital Management commented:
This opinion has been a source of much discussion for me and Andrew, who is quite positive about bitcoin and several others and thankfully owns a meaningful amount for 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 produce my skeptical stance,” he explained. “These things have often kept Oaktree and me out of trouble, but they probably don’t help me think about innovation.”
Marks continued, “I have come to the conclusion (with the help of Andrew) that I am not yet sufficiently informed to get a clear picture of cryptocurrencies. In the spirit of open-mindedness, I strive to learn. He went on to ask questions and comments about cryptocurrency and bitcoin to his son.
The CEO of Oaktree Capital isn’t the only one who has recently softened his view of bitcoin. Earlier this month, economist David Rosenberg said pleaded “Ignorance of bitcoin” admitted that the cryptocurrency exceeded expectations. In November, Bridgewater Associates founder Ray Dalio admitted that he might be wrong about bitcoin and has since gained a better understanding of the cryptocurrency.
What do you think of Howard Marks’ take on bitcoin? Let us know in the comments below.
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