Howard Marks, Chairman of Oaktree Capital, starts believing in Bitcoin and others. Says his son’s firm belief in Bitcoin has led him to gain trust over Bitcoin.
Howard was one of those people who always understated Bitcoin and other digital assets. He always preferred traditional assets and remained skeptical against Bitcoin and other digital assets. However, recently, Marks has published a memo in which he has said that he had come to believe in Bitcoin and alike.
In his published memo, Marks had admitted that Bitcoin has become a great source of storing value. He also specifically agreed that bitcoin is an asset class that is distinct in nature and lucrative for the purposes of investment. He also informed that the inspiration came to him from his son, Andrew, who had been a prominent investor in Bitcoin. Marks told that he is glad that his son is holding a fair number of Bitcoins.
Marks told that he and his son had discussed Bitcoin in several sittings but most of the time Andrew was more positive. He further told that from day one when he founded Oaktree he intentionally refrained from digital innovation. But with Andrew on his side, he has now grown confident regarding Bitcoin and other digital assets. Yet he needs more time as he is still not clear completely about cryptocurrencies, said Marks.
He concluded his note by stating that he too is looking at the possibility of investing a fair amount of money in Bitcoin. But the investment wouldn’t be enormous like Microstrategy, he added.
Marks is not alone amongst those who once underestimated Bitcoin but changed their views over time. David Rosenberg, a famous economist, had once said that Bitcoin and other digital assets should be ignored. He stated that Bitcoin is inherently risky because of its high volatility and that volatility determines the reliability of any asset. However, the opinion of Rosenberg had changed very recently. He was found stating that Bitcoin had emerged beyond what he had never expected or wanted to. He further added that it is good to learn sometimes that with all experience and expertise, one lives to see his opinion going wrong.
Meanwhile, Ray Dalio who founded Bridgewater Associates, stated that he regretted his decision of undervaluing the power of Bitcoin. However, he has now learned a great deal about Bitcoin and its benefits.
Most recently, an Argentinian billionaire, Marcos Galperin, recently stated that Bitcoin is far superior to gold when it comes to storing value. The billionaire also suggested that with the help of quantum computing the electricity cost for Bitcoin mining could be reduced significantly. However, Galperin did not agree with the prediction that digital currencies will overtake fiat currencies in the long run.