The co-founder of the $140 billion Oaktree Capital Group, Howard Marks has admitted that he was very critical of Bitcoin during the bull run of 2017. The billionaire investor is now grateful that his son Andrew had purchased a meaningful amount for the family. In his latest note to investors, Marks admits that he wants to change his negative view on the cryptocurrency.
Howard Marks Thankful to Son for Investing in Bitcoin
The billionaire investor with a net worth of more than $2 billion is among the most prominent influential figures in the world of finance. Back in 2017, in a note to investors, Marks criticized the BTC rally of 2017 and even advised people to avert from allocating funds in any digital assets.
The memo read:
“Back in 2017, my memo ‘There They Go Again… Again’ included a section on cryptocurrencies in which I stated a high level of skepticism. This view has been a subject of much discussion for me and Andrew, who is quite positive on Bitcoin and several others and thankfully owns a meaningful amount for our family.”
However, Marks argued that for any innovative technology especially digital assets, the natural state for an investor is skepticism, until proved wrong:
“Typically, the nature of innovation is such that, at first, only a few believe in something that seems absurd when compared to the deeply entrenched status quo. When innovations succeed, only later does what first seemed crazy become consensus. Fast-forward to the Bitcoin bull run of 2020, Marks has questioned his own perspective.”
Bitcoin Skeptics Flipping to Bitcoin
Bitcoin skeptics of one time are changing their views on the top currency. For instance, MicroStrategy’s founder and CEO, Michael Saylor at one time used to be a staunch critic, predicting that the asset’s days are numbered. However, Saylor is among the most well-known BTC advocates among institutional investors.
Howard Marks also included in his investor note that he is not fully informed on cryptocurrencies and is striving to learn more about the digital asset space.