Bitcoin (BTC) at $ 34,000 may have gained another conversion after billionaire investor Howard Marks admitted he needed to change his “skeptical point of view.”
In his latest investor note dated Jan. 11, Marks, who is co-chairman and co-founder of $ 140 billion Oaktree Capital Group, noted that while he was criticizing Bitcoin during its 2017 bull run, his son had “thankfully “bought in.
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“In 2017, my ‘There They Go Again … Again’ memo included a section on cryptocurrencies in which I declared a high level of skepticism. This opinion has been the subject of much discussion for me and Andrew, who is quite positive on Bitcoin and several others and fortunately has a significant amount for our family, ”the memo read.
“While the story is far from being entirely written, the least I can say is that my skeptical opinion has not been borne out to this day.”
The last few months have become notable for the U-turns on the merits of Bitcoin. As TBEN reported, investor figures at banks have called into question their bearish predictions on the cryptocurrency, with some even pledging to expose their portfolios to include it.
Marks did not make a similar commitment, but accepted the need to at least review the cryptocurrency and assess its potential.
“The nature of innovation is usually such that at first only a few believe in something that seems absurd compared to the deeply entrenched status quo,” he writes.
“When innovations work, it’s only later that what initially seemed crazy becomes a consensus. Without achieving a real knowledge of what is going on and trying to fully understand the positive case, it is impossible to have a sufficiently informed point of view to justify the contempt many of us display. in the face of innovation. ”
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The reactions to Marks were nonetheless more than favorable, given his previous reputation as a steadfast Bitcoin critic.
“Really great to see billionaire Howard Marks speak so favorably about #Bitcoin!” Preston Pysh of the Investor Podcast Network tweeted in response to the note.
Investment guru Lyn Alden, herself a public Bitcoin supporter, even suggested that Mark’s change in stance would drive staunch cryptocurrency critic Warren Buffett.
2021 thus leaves Bitcoin’s last frank bears in a rapidly shrinking minority. Among them is the gold bug Peter Schiff, whose outright rejection of Bitcoin continues to spark outrage on social media and beyond.
“Very few institutional investors buy #Bitcoin”, he said claims on Monda.
“It’s just that those who buy are extremely loud about their positions. They have to convince others to buy in order to push the price up so they can sell. The financial media also gives them a platform to talk about their positions. books.”
Tyler Winklevoss, co-founder of Gemini Exchange, subsequently called Schiff’s words “completely wrong”.