The Billionaire’s Change of Heart
In a surprising twist, billionaire investor Howard Marks has recently expressed the need to reassess his earlier skepticism towards Bitcoin, especially now that it stands at an eye-catching $34,000. Marks, co-chairman and co-founder of Oaktree Capital Group, acknowledged in his latest investor memo that his son’s investment in Bitcoin has prompted a fresh look at the cryptocurrency world.
From Doubter to Thinker
Reflecting on his prior stance from 2017, Marks recalled how he critiqued Bitcoin in his memo titled ‘There They Go Again… Again.’ Back then, his skepticism ran high, but in a twist of fate, his son’s enthusiastic involvement with crypto has opened Marks’s eyes to the potential of digital assets. “My son thankfully bought in,” he mentions, showing that sometimes the younger generation knows what they’re talking about—even if it’s about something as wild as Bitcoin!
Research is Key
Marks emphasized the importance of conducting personal research when engaging with the volatile world of cryptocurrencies. He stated,
“Without attaining real knowledge of what’s going on… it’s impossible to have a sufficiently informed view.”
Wise words from a billionaire who has, arguably, been reevaluating his previous judgments lately!
The Trend of U-Turns
Interestingly, Marks isn’t alone in his reconsideration of Bitcoin’s merits. In recent months, a wave of investors and even traditional banks have started to backpedal on their negative views of Bitcoin, welcoming it into their portfolios. Is this the sign of a mainstream acceptance? Beats us, but it definitely feels like the world of crypto is gaining traction at a dizzying speed!
Innovation vs. Skepticism
As he dialed back his criticisms, Marks pointed out a notable aspect of innovation:
“In the beginning, only a few believe in something that seems absurd when compared to the deeply entrenched status quo.”
It’s fascinating to imagine how the next revolutionary technology might sound to a skeptical ear today and how, in time, it could be embraced as a norm. Crypto enthusiasts must be nodding in agreement!
What Now?
Though Marks did not throw his full weight behind the Bitcoin bandwagon, his admission that it deserves consideration signals a shift in dialogue surrounding cryptocurrencies. Maybe next time we’ll see him at a Bitcoin conference—now that would be a headline!
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