Billionaire Investor Howard Marks, co-founder of $140 billion asset management firm Oaktree Capital Group, has revealed he is “thankful” his son Andrew owns bitcoin and admitted he needs to change his “skeptical view” on cryptoassets.
In his latest investor memo, first spotted by Cointelegraph, Marks pointed out that while he was critical of bitcoin during the cryptocurrency’s 2017 bull run, his son “thankfully” bought BTC and owns a “meaningful amount.”
The memo references one published in 2017 that included a section on cryptocurrencies and in which Marks “stated a high level of skepticism.” He admitted:
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.
Marks, whose net worth is estimated to be around $2.1 billion, added that while the “story is far from fully written,” his skeptical view hasn’t proved correct so far. The memo comes after several publicly traded firms, including Square and MicroStrategy, invested millions in BTC as a hedge against inflation and possible currency debasement.
According to a website tracking these investments, MicroStrategy’s position in BTC is now worth over $2.4 billion, while that of Square is worth over $160 million. Firms like Ruffer Investment, One River, and MassMutual have also added exposure to BTC in their portfolios.
While Marks did not reveal whether he would be investing in the flagship cryptocurrency, he pointed he needed to at least examine it and assess its potential. Per his words, the nature of innovation is such that “in the beginning, only a few believe in something that seems absurd when compared to the deeply entrenched status quo.”
His words also come as price predictions have turned increasingly bullish after bitcoin’s price surpasses its previous all-time high. Earlier this month, a team of J.P. Morgan global market strategists led by Nikolaos Panigirtzoglou reportedly wrote in a note to clients that over the long term Bitcoin’s price could get to $146,000 and higher.
Featured image via Pixabay.
