Oaktree Capital CEO: It is necessary to review cryptocurrencies and assess their potential
After billionaire investor Howard Marks admitted that he needed to change his “skepticism”, Bitcoin (BTC) at a price of $34,000 may have gained a new believer.
In the latest investor memo on January 11, Marks, the co-chairman and co-founder of Oaktree Capital Group, which has a market value of $140 billion, pointed out that although he was critical of Bitcoin during the 2017 Bitcoin bull market, But his son “luckily” bought bitcoin.
Marks: Have you done your own research?
“In 2017, my memo was’They’re here again…’, which includes the part about cryptocurrencies. I highly doubt it. This view has always been the subject of discussions between me and Andrew. And some other currencies, which means a lot to our family.”
Marks wrote in the memo:
“Although this story is far from over, I can at least say that my skepticism has not been confirmed so far.”
In the past few months, the value of Bitcoin has undergone a significant 180-degree turn. As reported by Cointelegraph, investors from investors to bankers refused to make bearish predictions on cryptocurrencies, and some even promised to allocate Bitcoin in their portfolios.
Marks did not make a similar commitment, but he believes that it is at least necessary to review cryptocurrencies and assess their potential.
He wrote: “The essence of innovation is usually that at the beginning, only a few people believe in something that seems absurd compared to the deep-rooted status quo.
“When innovation comes into play, it is only later that what seems crazy at first becomes a consensus. Without really understanding what is happening and trying to fully understand the positive situation, it is impossible to have wise enough insights to prove that many of us The disdain of people in the face of innovation.”
Warren Buffett is the next Marks?
Considering his previous reputation as a staunch opponent of Bitcoin, Marks’ response was relatively good.
“It’s great to see how the billionaire Howard Marks is so bullish on Bitcoin!” Preston Pysh of Investor Podcast Network tweeted in response to the memo.
Another investment guru, Lyn Alden, is also an open supporter of Bitcoin. She even hinted that a change in Marks’s position would cause the firm critic Warren Buffett to switch to cryptocurrency.
Therefore, by 2021, the remaining bears on Bitcoin will be greatly reduced. Gold supporter Peter Schiff is one of them, and his complete denial of Bitcoin continues to cause anger on social media.
He declared on Monda: “Very few institutional investors buy Bitcoin.”
“It’s just that those few people who buy bitcoin are very clear about their position. They need to persuade others to buy it, thereby pushing up the price so that they can sell. The financial media also provides a platform for them to communicate.”
Tyler Winklevoss, co-founder of Gemini Exchange, subsequently called Schiff’s words “completely wrong.”
