Luckily my son owns Bitcoin, comments Oaktree Capital Group chairman

Howard Marks, co-president and co-founder of $140 billion firm Oaktree Capital Group, has changed his opinion on Bitcoin

Bitcoin (BTC) at $34,000 has converted another skeptic: Howard Marks, a well-known billionaire investor, has admitted the need to change his perspective on cryptocurrency.

In his latest note to investors, dated Jan. 11, Marks, co-chairman and co-founder of the $140 billion firm Oaktree Capital Group, admitted that he was very critical of Bitcoin during the bull run of 2017, but „fortunately“ at the time his son had invested in the asset.

Howard Marks: I’m thankful my son invested in cryptocurrencies

Marks writes:

„In 2017, my note ‚There They Go Again…. Again‘ included a section on cryptocurrencies, in which I expressed a high dose of skepticism. This viewpoint of mine led to lengthy discussions between myself and Andrew, who is instead very positive about Bitcoin and other cryptocurrencies. Fortunately, he owns a significant amount for our family.

Although history has not yet been written, I can say that to date my strongly negative predictions have not come true.“

In recent months, the general opinion on Bitcoin has significantly shifted. Many large investors have changed their views on the cryptocurrency, with some expressing interest in including it in their portfolios. Marks did not make similar comments, but acknowledged the need to study and understand this technology:

„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.

Without gaining real knowledge of what’s going on, without trying to fully understand the case…it’s impossible to have a sufficiently informed view to justify the disdain many of us show for innovation.“

Will Warren Buffett be next?

Marks‘ view has therefore become surprisingly favorable, given that until a few years ago he claimed Bitcoin was a scam. Preston Pysh, host of The Investor’s Podcast Network, commented on Twitter:

„It’s really great to see billionaire Howard Marks speak so favorably about Bitcoin!“

Lyn Alden, another investment guru as well as a public supporter of Bitcoin, stated that Mark’s change of heart could bring even Warren Buffett, who has been tenaciously critical of cryptocurrencies for years, closer to BTC,

Thanks to Bitcoin’s recent price increase, there are now very few cryptocurrency detractors left. Among them is Peter Schiff, a staunch gold advocate whose statements on social media continue to irritate the community:

„Very few institutional investors are buying Bitcoin, it’s just that those who are buying it are announcing it loudly. They have to convince others to buy so that the price goes up and they can sell. The financial media gives them a platform on which to advertise these investments.“

Tyler Winklevoss, co-founder of the Gemini exchange, later called Schiff’s words „completely false.“